The Economic and Financial Crimes Commission (EFCC) arraigned two suspects identified as Awerusuo Otorudo and Chukwuebuka Ehirim before Justice Muhammed Umar of the Federal High Court, Abuja.
They are accused of operating a fraudulent investment scheme via a platform named Crypto Bridge Exchange (CBE) and promised investors returns of up to 88% without obtaining the necessary approval from the Securities and Exchange Commission.
The EFCC filed a three-count amended charge against them, centred on obtaining by false pretence, inducement, and inviting the public into a fraudulent investment.
The charges read, “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.
“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.”
EFCC counsel, Fadila Yusuf, then urged the court to remand them in a correctional facility and asked for an adjournment for the bail hearing.
Yusuf said, “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.”
Defence counsel, J.A. Otorudo, informed the court that a bail application had been filed for the defendants, an application which the EFCC opposed.
After considering arguments from both parties, Justice Muhammed Umar adjourned the case to Friday, July 18 for a ruling on the bail application, and also ordered that the two defendants be remanded at the Kuje correctional centre.
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