The Economic and Financial Crimes Commission (EFCC) on Monday, July 7, 2025, arraigned Awerusuo Otorudo and Chukwuebuka Ehirim before Justice Muhammed Umar of the Federal High Court in Abuja over their alleged involvement in a fraudulent investment scheme linked to Crypto Bridge Exchange (CBEX).
The duo were arraigned on a three-count amended charge bordering on obtaining by false pretence, inducement, and operating an illegal investment platform that promised investors returns of up to 88% without regulatory approval.
One of the charges alleges that between January 2024 and May 2025, the defendants invited the public to invest in CBEX without securing authorization from the Securities and Exchange Commission (SEC), thereby violating Section 96(1) of the Investment and Securities Act, 2025.
Another charge accuses them of soliciting deposits from the public through advertisements despite not being licensed financial institutions, in contravention of Section 44(1) of the Banks and Other Financial Institutions Act, 2020.
Both defendants pleaded not guilty to the charges. Prosecution counsel, Fadila Yusuf, requested that the court remand them in a correctional facility pending trial. Defence counsel, J.A. Otorudo, informed the court of a pending bail application, which the prosecution opposed.
Justice Umar ordered that the defendants be remanded at the Kuje Correctional Centre and adjourned the matter to July 18, 2025, for ruling on the bail application.
