The Federal High Court in Abuja has deferred its ruling on the bail applications of three detained promoters of Crypto Bridge Exchange (CBEX) to June 30.
Justice Emeka Nwite announced the adjournment after hearing closing arguments from the Economic and Financial Crimes Commission (EFCC) and defence lawyers.
The EFCC had arrested six CBEX operators under a court order issued on April 24, in connection with an alleged $1 billion investment fraud.
According to the agency, the suspects enticed investors with promises of up to 100% returns, converting digital assets into stablecoin (USDT) and depositing them into personal crypto wallets. Investors later lost access to their funds.
Three of the suspects Adefowora Abiodun, Avwerosuo Otorudo, and Chukwuebuka Ehirim voluntarily surrendered and are currently in custody. The remaining suspects Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede are still at large.
The EFCC claims the alleged fraud was carried out through ST Technologies International Ltd, a company registered with the Corporate Affairs Commission but not licensed by the Securities and Exchange Commission to offer investment services.
At Wednesday’s hearing, defence lawyer Babatunde Busari argued that Abiodun’s voluntary surrender and continued detention without formal charges justified bail. Lawyers for Otorudo and Ehirim echoed the request, pledging full cooperation with authorities.
Opposing the applications, EFCC counsel Fadila Yusuf cited the scale of the alleged fraud and ongoing victim complaints. She stressed that charges have already been filed and warned that releasing the suspects could hinder the investigation.
Justice Nwite is set to deliver his ruling on June 30.
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