The Economic and Financial Crimes Commission (EFCC) has declared four individuals wanted for alleged fraud perpetrated on the Crypto Bridge Exchange (CBEX) platform.
The suspects are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
Alleged Offenses
The EFCC alleges that the suspects promoted CBEX, luring unsuspecting members of the public to invest in cryptocurrencies with promises of unrealistic returns on investment of up to 100%. A federal high court in Abuja has granted the EFCC permission to arrest and detain six CBEX promoters over a $1 billion investment fraud allegation.
Background
CBEX users reportedly faced difficulties withdrawing funds, leading to widespread discontent among investors. In some cases, angry investors took drastic measures, including looting the office of an affiliate company in Ibadan.