Adefowora Abiodun Olanipekun, one of the promoters of the cryptocurrency trading platform Crypto Bridge Exchange (CBEX), who was recently declared wanted by the Economic and Financial Crimes Commission (EFCC), voluntarily surrendered to the agency on Monday.
This development follows a Federal High Court ruling last Thursday that authorized the EFCC to arrest and detain six CBEX promoters pending investigations into an alleged fraudulent investment scheme valued at over $1 billion.
Justice Emeka Nwite of the Federal High Court in Abuja granted the EFCC’s ex parte application after reviewing affidavit evidence and submissions by the commission’s counsel, Fadila Yusuf. The suspects named include Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
Abiodun arrived at the EFCC headquarters around 4 p.m., accompanied by his lawyers, expressing readiness to cooperate with the commission. His legal counsel, Babatunde Busari, stated that Abiodun’s decision to surrender was aimed at clearing his name and correcting misinformation circulating in the media.
The EFCC alleges that the promoters used their company, ST Technologies International Limited, to promote CBEX by enticing the public to invest cryptocurrencies with promises of 100% returns within a month. Victims were required to convert their digital assets into USDT stable coins and deposit them into the suspects’ crypto wallets. Following deposits exceeding $1 billion, the platform became inaccessible, preventing withdrawals, leading victims to realize the scheme was fraudulent.
The EFCC intends to place the suspects on a red watchlist to facilitate their arrest if they evade custody.
