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 sitting in Abuja over their alleged involvement in a fraudulent investment scheme.
According to a statement released by the Commission, the defendants were arraigned on a three-count amended charge bordering on obtaining money by false pretence, inducement, and misleading the public into participating in a fraudulent investment platform.
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.”
“That you Aweosuo 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 authorized 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 Institution Act, 2020 and punishable under Section 44(2) of the same Act.
However, they pleaded not guilty when the charges were read to them, prompting the prosecution counsel, Fadila Yusuf to urge the court to remand the defendant in a Correctional Facility and adjourned the matter for hearing.
In response, defence counsel J.A. Otorudo informed the court that an application for bail had been filed on behalf of the defendants. However, the EFCC’s counsel opposed the application and reiterated her earlier request for the defendants to be remanded in a Correctional Centre.
“The learned counsel is very elaborate before this honorable 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”, she said.
Meanwhile, in his ruling, Justice Umar adjourned the case to July 18, 2025, for a decision on the bail application and ordered the remand of the defendant at the Kuje Correctional Centre.
