The Federal High Court in Abuja has ordered the arrest and remand of six CBEX promoters over an alleged $1 billion scam targeting Nigerian victims.

Justice Emeka Nwite granted the order on Thursday following an ex parte motion filed by the Economic and Financial Crimes Commission (EFCC) against Adefowora Abiodun Olanipekun, Emmanuel Oku, and four other defendants.

At the resumed court session on Thursday, EFCC counsel Fadila Yusuf informed the court of a motion ex parte relating to investigations into CBEX and the commission’s intention to prosecute the suspects following the Administration of Criminal Justice Act.

“An order of this Honourable Court for the issuance of a warrant of arrest for the defendants.

“An order of this Honourable Court remanding the defendants in the custody of the Complainant/Applicant pending the conclusion of the investigation into the alleged offences and possible prosecution,” Yusuf said.

It was stated that while the defendants have not yet been apprehended, they used ST Technologies International Limited to promote another entity, Crypto Bridge Exchange (CBEX). She highlighted that the promoters advertised unrealistic returns and lured unsuspecting members of the public to invest in crypto on the platform, promising returns of up to 100 percent.

In response, Justice Nwite stated that after reviewing the EFCC’s submissions and court documents, he found merit in the application and consequently granted the motion as prayed.

Dele Oyewale, EFCC spokesman, had earlier pledged to recover Nigerians’ lost investments in the alleged N1.3 trillion scam, promising action in collaboration with Interpol and other international agencies.

The spokesman made this commitment while addressing public concerns over the losses suffered by Nigerians who invested in CBEX.

Culled BusinessDay