Investigations by FIJ have uncovered the key players behind CryptoBridge Exchange (CBEX), a fraudulent scheme that defrauded Nigerians of about N1.3 trillion. Initially advertised as a lucrative investment opportunity, CBEX collapsed in April, leaving investors unable to access their accounts.Although evidence of the fraud mounted, many investors remained hopeful until the reality of their locked funds set in.
In response, the Economic and Financial Crimes Commission (EFCC) has begun investigating CBEX to recover lost investments, while the Securities and Exchange Commission (SEC) confirmed that CBEX operated without a license in Nigeria.
FIJ’s investigation linked the scheme to ST Investment Co., Ltd., owned by Harold David Charles, a British national who promoted CBEX in Nigeria through media campaigns.
Although CBEX itself was not registered, its affiliate, ST Technologies International, holds registration and an anti-money laundering certificate.Key promoters identified include Adefowora Abiodun, Oluwanisola Adefowora, Seyi Oloyede, and Emmanuel Uko.
As these promoters continue to avoid scrutiny, investigations are ongoing to hold them accountable for the financial devastation caused to investors.
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