The Economic and Financial Crimes Commission on Monday arraigned two men, Awerusuo Otorudo and Chukwuebuka Ehirim, before Justice Muhammed Umar of the Federal High Court, Abuja, charged with running a fake investment scheme through a platform called Crypto Bridge Exchange.
Cybex had promised investors returns of up to 88% without obtaining approval from the Securities and Exchange Commission (SEC).
This information was disclosed in a post on the EFCC’s website on Monday.
The anti-graft agency has filed a three-count amended charge against Cybex, focusing on charges of obtaining by false pretense, inducement, and inviting the public into a fraudulent investment scheme.
One of the charges reads, “That you, Awerusuo Otorudo and Chukwuebuka Ehirim, sometimes between January 2024 and May 2025, within the jurisdiction of this Honourable Court, did invite the public to deposit money for a fixed period or payable on call with CRYPTO BRIDGE EXCHANGE (CBEX) with a promise of up to 88% return on investment without obtaining the written consent of the Securities and Exchange Commission and you thereby committed an offence contrary to section 96(1) of the Investment and Security Act 2025 and punishable under section 96(5) of the same Act.”
Another count states, “That you, Awerusuo Otorudo and Chukwuebuka Ehirim, sometimes between January 2024 and May 2025, within the jurisdiction of this Honourable Court, whilst not being a bank or person authorised to take deposit, invited the public through advertisement to deposit funds with CRYPTO BRIDGE EXCHANGE (CBEX) and you thereby committed an offence contrary to Section 44(1) of the Banks and Other Financial Institutions Act, 2020 and punishable under Section 44(2) of the same Act.”
Both defendants, however, pleaded not guilty.
EFCC counsel, Mr. Fadila Yusuf, urged the court to remand them in a correctional facility and asked for an adjournment for the bail hearing.
“The learned counsel is very elaborate before this Honourable Court. He had complained of the EFCC holding them in our facility and we are saying if they are not comfortable with us, they are before the court now, my Lord can move them to more comfortable accommodation,” Yusuf said.
Defence counsel, Mr. J.A. Otorudo, told the court that a bail application had been filed for the defendants, but the EFCC opposed it.
After hearing both sides, Justice Umar adjourned the case until July 18 for ruling on the bail application.
He also ordered that the two defendants be remanded at the Kuje Correctional Centre.
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