EFCC ARRAIGNS TWO OVER CBEX INVESTMENT SCAM PROMISING 88% ROI
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By Aishat Momoh. O.
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 their alleged involvement in a fraudulent investment scheme operated under the name Crypto Bridge Exchange (CBEX).
The duo was brought before the court on a three-count amended charge bordering on obtaining money under false pretence, inducement, and misleading the public through an unlicensed investment platform that promised outrageous returns of up to 88%.
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), promising up to 88% return on investment without obtaining the written consent of the Securities and Exchange Commission, thereby committing 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 charge alleges that the defendants, not being licensed banks or authorized persons, solicited public deposits through advertisements, in violation of Section 44(1) of the Banks and Other Financial Institutions Act, 2020, punishable under Section 44(2) of the same Act.
The defendants pleaded not guilty to all charges.
Following their plea, EFCC counsel Fadila Yusuf requested that the court remand the defendants in a correctional facility and set a date for hearing. Defense counsel J.A. Otorudo countered by informing the court of a pending bail application on behalf of the defendants.
Yusuf opposed the bail application, stating: “The learned counsel is very elaborate before this Honourable Court. He complained about the EFCC holding them at our facility. We are saying if they are uncomfortable with us, they are now before the court My Lord can move them to a more comfortable accommodation.”
Justice Umar subsequently adjourned the case to July 18, 2025, for ruling on the bail application and ordered the remand of the defendants at the Kuje Correctional Centre pending the next hearing.
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