Court gavel
Federal High Court in Abuja has declined to grant bail to three detained promoters of Crypto Bridge Exchange (CBEX) in connection with an alleged over $1 billion fraud.
Justice Emeka Nwite held that the character of evidence against the defendants is strong and the interest of justice would be met by taking the application to the court where the charge is pending.
The judge observed that a formal charge had already been filed against the defendants, and it would be better for the court where the charge is pending to handle the arraignment and bail application simultaneously.
“In view of the foregoing and taking cognisance of the nature of the case and particularly, a charge has been filed against applicants, I am of the view and I so hold that interest of justice will be met by taking this application to the court where the charge is pending for the court to take the arraignment of the applicants and hearing the bail application simultaneously,” Justice Nwite said.
The Economic and Financial Crimes Commission (EFCC) had opposed the bail request, arguing that the defendants are being charged for an offence of obtaining over $1 billion, which is more than some states’ budgets in Nigeria.
“It is in fact more than a budget of about 10 states joined together my lord,” the EFCC counsel, Fadila Yusuf, said.
The EFCC alleged that the defendants and their company, ST Technologies International Limited, using CBEX, perpetrated the alleged fraud by making unrealistic promises of returns on investment, luring unsuspecting members of the public to invest crypto currencies on the platform.
