The Economic and Financial Crimes Commission (EFCC), on Monday, July 7, arraigned Awerusuo Otorudo and Chukwuebuka Ehirim before Justice Muhammed Umar of the Federal High Court in Abuja.
They face a three-count amended charge related to obtaining money by false pretense, inducement, and misleading the public into a fraudulent investment scheme, Crypto Bridge Exchange (CBEX).
One of the charges alleges that between January 2024 and May 2025, Otorudo and Ehirim invited the public to deposit money with CBEX, promising up to an 88% return on investment without obtaining the necessary written consent from the Securities and Exchange Commission.
This action, according to the EFCC, contravenes Section 96(1) of the Investment and Security Act 2025 and is punishable under Section 96(5) of the same Act.
Both defendants pleaded not guilty to the charges. Following their plea, prosecution counsel Fadila Yusuf urged the court to remand them in a Correctional Facility and adjourn the matter for a full hearing.