The Economic and Financial Crimes Commission (EFCC) arraigned two individuals, Awerusuo Otorudo and Chukwuebuka Ehirim, before Justice Muhammed Umar of the Federal High Court, Abuja, over their alleged involvement in a fraudulent cryptocurrency investment scheme under the name Crypto Bridge Exchange (CBEX).
The duo was docked on a three-count amended charge bordering on obtaining by false pretence, inducement, and misleading the public into depositing funds with a promise of returns as high as 88%.
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One of the charges read in court stated:
“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),
“Promising up to 88% return on investment, without the written consent of the Securities and Exchange Commission, thereby committing an offence contrary to Section 96(1) of the Investments and Securities Act, 2025 and punishable under Section 96(5) of the same Act.”
Another charge accused them of taking deposits from the public without authorization, in violation of the Banks and Other Financial Institutions Act (BOFIA) 2020.
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The defendants pleaded not guilty to all charges.
Following their plea, the EFCC counsel, Fadila Yusuf, requested the court to remand the defendants in a correctional facility and adjourn the matter for hearing.
However, defence counsel, J.A. Otorudo, informed the court that an application for bail had been filed on behalf of the accused persons.
Objecting to the bail application, Yusuf urged the court to remand the defendants in a neutral and secure facility, saying:
“The learned counsel has raised concerns about EFCC custody. If they’re not comfortable with us, we are before a competent court that can provide a more comfortable accommodation — such as a correctional centre.”
Justice Umar subsequently ordered the remand of the defendants at Kuje Correctional Centre and adjourned the case to July 18, 2025, for ruling on the bail application.
The EFCC warned Nigerians against investing in unregulated digital platforms promising unrealistic returns, as the Commission intensifies its clampdown on fraudulent investment schemes.