The Federal High Court in Abuja has rejected the bail applications of three detained promoters of Crypto Bridge Exchange (CBEX) in connection with an alleged $1 billion fraud. Justice Emeka Nwite ruled that the evidence against the defendants is strong, hence, their application for bail is refused.
The detained CBEX operators were among six individuals granted arrest and detention warrants by the court on April 24, following an ex-parte motion by the Economic and Financial Crimes Commission (EFCC). The EFCC alleged that the defendants were involved in an investment scam and that granting the application would serve the interests of justice. The commission claimed that the defendants’ platform became inaccessible to victims after deposits valued at over $1 billion were made, leading to suspicions of a scam.
The EFCC’s lawyer, Fadila Yusuf, opposed the bail request, arguing that the defendants are being charged with obtaining over $1 billion, an amount exceeding the budgets of some states in Nigeria. She emphasized that the amount involved is substantial, likening it to the budget of about 10 states combined. The judge, after considering the submissions from both the EFCC and the defense lawyers, found the evidence against the defendants to be strong, leading to the denial of bail.
The case has been closely watched, given the significant amount involved and the nature of the allegations. The court’s decision to deny bail means the detained CBEX operators will remain in custody pending further proceedings. The EFCC’s investigation into the alleged fraud scheme is ongoing, and the commission is determined to pursue the matter to its logical conclusion.
