EFCC Arraigns Two More CBEX Promoters in Ongoing Crypto Crackdown
The Economic and Financial Crimes Commission (EFCC) continues its crackdown on Crypto Bridge Exchange (CBEX) promoters, recently bringing two more individuals before the Federal High Court in Abuja. This action signifies the EFCC’s commitment to dismantling fraudulent investment schemes and recovering lost funds for victims of the alleged scam.
Details of the Arraignment
Awerusuo Otorudo and Chukwuebuka Ehirim were arraigned before Justice Muhammed Umar on Monday, July 7, 2025, facing a three-count amended charge. According to the EFCC’s official X (formerly Twitter) account, the charges include obtaining by false pretence, inducement, and misleading the public into participating in a fraudulent investment scam. The EFCC alleges that between January 2024 and May 2025, within the court’s jurisdiction, the defendants solicited public deposits into CBEX, promising returns of up to 88% without proper authorization.
This latest arraignment underscores the EFCC’s determination to hold those responsible for the CBEX alleged fraud accountable and sends a strong message to other potential perpetrators of similar investment schemes operating within the Nigerian financial landscape. The ongoing legal proceedings represent a significant step towards ensuring justice for the victims who were allegedly defrauded.
Keywords
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