The Economic and Financial Crimes Commission (EFCC) has arraigned two individuals, Awerusuo Otorudo and Chukwuebuka Ehirim, before the Federal High Court in Abuja over their alleged involvement in a fraudulent cryptocurrency scheme known as Crypto Bridge Exchange (CBEX).
The duo is facing a three-count charge involving fraud, illegal investment solicitation, and operating without proper licensing. According to the EFCC, the accused persons lured unsuspecting Nigerians into investing in CBEX with promises of up to 88% returns without approval from the Securities and Exchange Commission (SEC) or a valid banking license.
Both defendants pleaded not guilty to the charges.
Justice Muhammed Umar ordered that they be remanded at the Kuje Correctional Centre and adjourned the case to July 18, 2025, for hearing on their bail application.
