Avwerosuo Otorudo and Chukwuebuka Ehirim, two of the promoters of Crypto Bridge Exchange (CBEX), the Ponzi scheme that swindled many Nigerians, have been remanded in Kuje Prison.
The Economic and Financial Crimes Commission (EFCC) arraigned both men on Monday before Justice Muhammed Umar of the Federal High Court in Abuja on an amended three-count charge bordering on obtaining by false pretence, inducement and misleading the public into a fraudulent investment scam.
The EFCC stated, “One of the count reads: ‘That you, Awerusuo Otorudo and Chukwuebuka Ehirim, sometimes between January 2024 and May 2025, within the jurisdiction of this honorable Didi 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 there you committed an offense contrary to section 96(1) of the investment and security act 2025and punishable under section 96(5) of the same act’.”
Another count also accuses both individuals of violating Section 44(1) of the Banks and Other Financial Institutions Act (2020) punishable under Section 44(2) of the same Act, by advertising to the public to deposit funds with CBEX.
They pleaded “not guilty” to the charges against them.
The judge ruled that the matter be adjourned until July 18 for ruling on their bail application and ordered that they be held in Kuje Correctional Centre.
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