CBEX: Court Remands Two Suspects Over Fake Scheme

 

An Abuja Federal High Court Abuja has remanded two men, identified as Awerusuo Otorudo and Chukwuebuka Ehirim, for allegedly running a fake investment scheme through a platform called Crypto Bridge Exchange (CBEX).

The fake scheme had promised the investors up to 88% returns without approval from the Securities and Exchange Commission (SEC).

The accused were dragged before the court by the Economic and Financial Crimes Commission (EFCC) on a three-count amended charge against them.

Both defendants pleaded not guilty when the charges which centered on obtaining by false pretence, inducement, and inviting the public into a fraudulent investment.

EFCC counsel, Fadila Yusuf, then urged the court to remand them in a correctional facility and asked for an adjournment for the bail hearing.

Defence counsel, J.A. Otorudo, informed the court that a bail application had been filed for the defendants, but the EFCC opposed it.

Justice Muhammed Umar, who presided over the matter, adjourned the case to July 18 for ruling on the bail application.

Justice Umar also ordered that the two defendants be remanded at the Kuje Correctional Centre.