Court gavel
The Federal High Court in Abuja has adjourned the bail application filed by three detained promoters of Crypto Bridge Exchange (CBEX) in an alleged over $1 billion fraud until June 30 for ruling.
The Economic and Financial Crimes Commission (EFCC) opposed the bail application, arguing that the defendants might jump bail.
EFCC’s counsel, Fadila Yusuf, said, “We urge my lord not to grant this application.
The commission is still receiving petitions from victims of the alleged fraud.”
However, the defendants’ lawyers argued that their clients were willing to cooperate with the investigation and attend court whenever required. Babatunde Busari, counsel to the 1st defendant, Adefowora Abiodun, said, “We will reply to the counter affidavit on points of law my lord.
“The court should grant our prayers.”
The EFCC alleged that the defendants and their company, ST Technologies International Limited, using CBEX, perpetrated the alleged fraud by promising unrealistic returns on investment of up to 100%.
The agency said the defendants had moved out of their last known addresses in Lagos and Ogun States.
Justice Emeka Nwite fixed June 30 for ruling on the bail application after counsel for the EFCC and the defence lawyers adopted their processes and argued their case for and against the application.
The defendants include Adefowora Abiodun Olanipekun, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
