Alleged $1bn fraud: Court to decide on CBEX operators’ bail June 30
By Andrew Orolua
The Federal High Court in Abuja has adjourned till June 30 for ruling on the bail applications filed by three detained promoters of Crypto Bridge Exchange (CBEX) following their arrests over an alleged $1 billion fraud.
The defendants Adefowora Abiodun Olanipekun, Avwerosuo Otorudo, and Chukwuebuka Ehirim are among those facing charges over Crypto Bridge Exchange.
The trio were among six suspects that the court had, in a ruling it delivered on April 24, ordered their arrest following their alleged involvement in the fraud.
Others, who were said to be at large, are; Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
The EFCC had attached an affidavit in support of an ex-parte motion it brought before the court alleged that it had sometimes in April 2025, received an intelligence report on alleged investment fraud that involved the defendants.
The anti-graft agency told the court that the Applicants and their company- ST Technologies International Limited- using another company- Crypto Bridge Exchange (CBEX)- perpetrated the alleged fraud.
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EFCC further told the court that a preliminary investigation by its Cybercrimes Section revealed that they made adverts that lured unsuspecting public members to the alleged fraudulent investment platform.
The agency said it discovered that the Applicants promised an unrealistic return on investment of up to 100%.
“That the victims were made to convert their digital assets into a stable coin of USDT for onward deposit into the suspects crypto wallet.
“That the victims were initially given full access to the platform to monitor their investment.
“Following deposits valued at over 1 Billion Dollars by the victims, the CBEX investment platform became inaccessible, and they could no longer withdraw from the investment made.
“The victims later discovered that the said scheme was a scam.”
The trio on Wednesday prayed the court to grant them bail. The anti graft agency opposed their bail applications, arguing that the defendants might jump bail.
EFCC’s counsel, Fadila Yusuf, said, “We urge my lord not to grant this application.
The commission is still receiving petitions from victims of the alleged fraud.”
However, the defendants’ lawyers argued that their clients were willing to cooperate with the investigation and attend court whenever required. Babatunde Busari, counsel to the 1st defendant, Adefowora Abiodun, said,
“We will reply to the counter affidavit on points of law my lord.
“The court should grant our prayers.”
EFCC counsel said the defendants would jump bail as they have moved out of their last known addresses in Lagos and Ogun States.
Both the prosecution and defence counsel later adopted their processes containing their arguments for and against the bail applications.
The trial court judge, Emeka Nwite consequently, fixed June 30 for ruling on the bail applications.
