The Federal High Court in Abuja on Thursday, gave the Economic and Financial Crimes Commission the go-ahead to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over alleged investment fraud to the tune of over one billion dollars.

Justice Emeka Nwite, who gave the order after the EFCC’s lawyer, Fadila Yusuf, moved an ex-parte motion to the effect, said the detention would be pending the conclusion of investigation of the alleged offences and possible prosecution.

The judge said after he listened to the submission of the learned counsel for the applicant and also gone through the affidavit evidence with exhibits thereto along with the written address, he held that the application is meritorious and was granted.

The six suspects include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede. Others are Avwerosuo Otorudo and Chukwuebuka Ehirim as 1st to 6th defendants respectively.

In the motion ex-parte dated and filed April 23 by Yusuf, the anti-graft agency sought two prayers, an order of the honourable court for the issuance of a warrant of arrest of the defendants.

It also prayed the court for an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution.

Giving four grounds, the lawyer said the EFCC has a statutory duty of prevention and detection of financial crimes through investigation.

She said there was an intel to the office of the commission’s chairman against the defendant bordering on various criminal offences.

According to her, the applicant has a constitutional duty to investigate the crimes and enforce law and order.

The agency said the preliminary investigation into the intel revealed the Messrs Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko and Seyi Oloyede, using their company ST Technologies International Limited, promoted another company Crypto Bridge Exchange (CBEX) by making advert and lured unsuspecting members of public to invest crypto currencies on CBEX investment platform.

The EFCC noted that the defendants promised unrealistic return on investment of up to 100%.

The anti-graft agency said that a warrant of arrest was required to place the defendants on red watch list so that they could be traced and arrested to answer to the case against them.