The Federal High Court in Abuja has approved EFCC’s request to arrest and detain six suspects linked to a $1bn crypto investment fraud.
Justice Emeka Nwite gave the ruling on Thursday following the hearing of an ex-parte motion moved by the EFCC’s counsel, Fadila Yusuf.
The judge held that the application had merit and granted the reliefs sought.
“I have listened to the submission of the learned counsel for the applicant. I have also gone through the affidavit evidence with exhibits and the written address. I am of the view and so hold that the application is meritorious. Consequently, the application is granted as prayed,” the judge said.
The court granted two key reliefs: a warrant of arrest for the six named individuals and an order to remand them in EFCC custody pending the conclusion of investigation and possible prosecution.
The suspects are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
In the supporting affidavit, the EFCC stated that in April 2025, it received intelligence alleging that the suspects, through ST Technologies International Limited and a crypto platform known as Crypto Bridge Exchange, CBEX, defrauded members of the public.
The commission stated that the suspects promoted CBEX using advertisements that promised unrealistic returns of up to 100 percent on cryptocurrency investments.
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Investors were required to convert their digital assets into a stable coin, USDT, which was then transferred into wallets allegedly controlled by the suspects.
Initial access was granted to investors to monitor their funds. However, after deposits valued at over one billion dollars were made, users were unable to access the platform or withdraw their investments.
The EFCC disclosed that ST Technologies, while registered with the Corporate Affairs Commission, was not licensed by the Securities and Exchange Commission, to carry out investment operations.
The commission also noted that during investigations, the suspects were found to have vacated their last known addresses in Lagos and Ogun States.
It stated that the arrest warrant would facilitate their placement on the red watch list to aid in their apprehension.
EFCC submitted that its Cybercrimes Section is handling the investigation and that a prima facie case of investment fraud had been established.
The commission said the arrest and detention were necessary to enable it to complete its investigation and take further legal action.
NAN
