By EMMANUEL KUJE, Abuja-
The Economic and Financial Crimes Commission (EFCC) has filed a three-count charge against Avwerosuo Otorudo and Chukwuebuka Ehirim, promoters of Crypto Bridge Exchange (CBEX), over alleged investment fraud totaling over $1 billion.
The EFCC accuses the duo of: Operating an unregistered company and administering a scheme without a license, contrary to Section 158(1) of the Investment and Security Act, 2007
Inviting the public to deposit funds without authorization, contrary to Section 44(1) of the Banks and Other Financial Institutions Act, 2020.
Carrying out specialized financial institution business without a valid license, contrary to Section 57(1) and (2) of the Banks and Other Financial Institutions Act, 2020
The EFCC investigation began after allegations of fraud surfaced, leading to the arrest and detention of six CBEX operators, including Otorudo and Ehirim. Justice Emeka Nwite granted the EFCC permission to arrest and detain the suspects on April 24, pending the conclusion of investigations and possible prosecution.
The case is yet to be assigned to a judge, and the EFCC is expected to present its evidence against the accused promoters.
If convicted, Otorudo and Ehirim could face penalties under the relevant sections of the Acts mentioned in the charges.
