The Economic and Financial Crimes Commission (EFCC) on Monday, July 7, 2025, arraigned Awerusuo Otorudo and Chukwuebuka Ehirim before Justice Muhammed Umar of the Federal High Court in Abuja on charges related to an alleged fraudulent investment scheme operated under the name Crypto Bridge Exchange (CBEX).

The defendants were arraigned on a three-count amended charge bordering on obtaining money under false pretences, inducement, and misleading the public with promises of high returns through an unlicensed investment platform.

One of 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 thereby committed an offence contrary to Section 96(1) of the Investment and Securities Act, 2025, and punishable under Section 96(5) of the same Act.”

Another count alleges that the defendants, while not being licensed as a bank or financial institution, invited members of the public to deposit funds with CBEX between January 2024 and May 2025. The EFCC maintains that this act violates Section 44(1) of the Banks and Other Financial Institutions Act, 2020, and is punishable under Section 44(2) of the same Act.

Both defendants pleaded not guilty to the charges.

Following the arraignment, prosecution counsel Fadila Yusuf requested that the court remand the defendants in a correctional facility pending trial. She objected to their release on bail and responded to earlier complaints about detention conditions, stating: “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 of a pending bail application.

Justice Umar adjourned the case to July 18, 2025, for ruling on the bail application and ordered that the defendants be remanded at Kuje Correctional Centre.