Courts to decide cbex Operators baul in $1 billion fraud case
A Federal High Court in Abuja has fixed June 30 for ruling on the bail applications of three detained operators of Crypto Bridge Exchange (CBEX), who are under investigation for allegedly defrauding investors of over $1 billion.
Justice Emeka Nwite scheduled the ruling after hearing arguments from both the Economic and Financial Crimes Commission (EFCC) and the defense counsel representing the accused persons.
The suspects Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, and Emmanuel Uko are among six individuals arrested in connection with the controversial investment platform, CBEX.
The EFCC, through its counsel Fadila Yusuf, had secured an order on April 24 to detain the suspects pending the conclusion of its investigation.
The agency claims the accused are linked to a massive Ponzi-style scheme that defrauded thousands of Nigerians by promising unrealistic investment returns.
During proceedings, the defense argued that the continued detention of the suspects violates their constitutional rights, noting that some of them have spent over 40 days in custody without formal charges.
The counsel emphasized that the accused voluntarily submitted themselves to the EFCC and should not be treated as flight risks.
The EFCC, however, insisted that the scale and sophistication of the alleged fraud necessitate extended detention.
The commission revealed that it continues to receive fresh petitions daily from victims across the country, reinforcing the gravity of the case.
Justice Nwite directed all parties to file their final written addresses and supporting documents before the June 30 hearing, when the court is expected to deliver its decision on whether the accused should be granted bail.
The CBEX case has attracted nationwide attention, with many investors calling for swift justice and restitution.
Regulatory agencies, including the Securities and Exchange Commission (SEC), have since warned the public against engaging with unlicensed financial platforms.
