Federal High Court denies bail to CBEX crypto fraud suspects over alleged $1 billion scam defrauding Nigerian investors.
The Federal High Court in Abuja has denied bail to three CBEX cryptocurrency fraud suspects accused of orchestrating a $1 billion scam. Justice Emeka Nwite refused their bail applications, citing the weight of evidence presented by the EFCC.
The EFCC alleges that the suspects used ST Technologies to lure investors before the CBEX platform collapsed, leaving users unable to withdraw funds. Six individuals are implicated, including Babatunde Busari and Justice Otorudo, who sought bail on health and prolonged detention grounds.
The judge ruled that since formal charges have now been filed, the bail plea should be heard in the trial court. He emphasized that medical attention can be provided while in custody.
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