The Economic and Financial Crimes Commission (EFCC) on Monday, July 7, 2025, arraigned two individuals Awerusuo Otorudo and Chukwuebuka Ehirim before Justice Muhammed Umar of the Federal High Court, Abuja, over an alleged fraudulent investment scheme linked to Crypto Bridge Exchange (CBEX).
The duo were brought before the court on a three-count amended charge bordering on obtaining money under false pretence, inducement, and misleading the public into participating in a fraudulent investment platform.
One of the charges reads:
“That you, Awerusuo Otorudo and Chukwuebuka Ehirim, sometime between January 2024 and May 2025, within the jurisdiction of this Honourable Court, invited the public to deposit money for a fixed period or payable on call with Crypto Bridge Exchange (CBEX) with a promise of up to 88% return on investment without obtaining the written consent of the Securities and Exchange Commission, and thereby committed an offence contrary to Section 96(1) of the Investment and Securities Act, 2025 and punishable under Section 96(5) of the same Act.”
Another count states that the defendants, not being a licensed bank or financial institution, invited the public to deposit funds through advertisements promoting CBEX, in contravention of Section 44(1) of the Banks and Other Financial Institutions Act (BOFIA), 2020, and punishable under Section 44(2) of the same Act.
Upon arraignment, both defendants pleaded not guilty to the charges.
EFCC counsel, Fadila Yusuf, requested that the court remand the accused persons in a Correctional Facility pending further proceedings. However, defence counsel, J.A. Otorudo, informed the court of a pending bail application for the defendants.
Opposing the bail application, the EFCC prosecutor urged the court to relocate the accused to a more secure and appropriate detention facility. “The learned counsel has complained about the EFCC’s custody. If they are uncomfortable, My Lord can move them to a more comfortable accommodation,” she submitted.
Justice Umar adjourned the case to July 18, 2025, for ruling on the bail application and ordered that the defendants be remanded at the Kuje Correctional Centre.
Remember that the agency has promised the general public that diligence will be employed to make sure that everyone who lost his money to that scam gets back his/her money and to bring the promoters to book.
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