EFCC Arraigns Two in Abuja Over Fake Crypto Investment Scheme
The arraignment took place at the Federal High Court in Abuja before Justice Muhammed Umar.
According to a statement from EFCC spokesperson Dele Oyewale, the suspects are facing a three-count charge of fraud, inducement, and collecting funds illegally from the public. The EFCC alleges they promised Nigerians returns of up to 88% on investments made through the unregistered crypto platform.
The charges state that between January 2024 and May 2025, they operated CBEX without approval from the Securities and Exchange Commission (SEC), in violation of the Investment and Securities Act. They are also accused of accepting public deposits without a banking license, breaking the Banks and Other Financial Institutions Act (BOFIA) 2020.
Both defendants pleaded not guilty.
EFCC lawyer, Fadila Yusuf, requested that the court remand the accused in custody, suggesting they be moved to a correctional facility if uncomfortable in EFCC detention.
The defence, led by J.A. Otorudo, told the court that a bail application had already been filed.
Justice Umar adjourned the case to July 18, 2025, for a hearing on bail and ordered that the two men be remanded at Kuje Correctional Centre.
