By John Umeh
A court has granted law enforcement authorities the green light to arrest and detain six individuals identified as key promoters of the controversial CBEX investment scheme. The ruling follows an ongoing investigation into allegations of large-scale financial misconduct, fraud, and the operation of an unlicensed investment platform.
According to prosecutors, the accused are believed to have masterminded a scheme that lured hundreds of investors with promises of high returns, only for many to later discover that their funds had vanished or been misappropriated. The case has drawn national attention due to the scale of the alleged fraud and the number of people affected.
Authorities say the court’s decision marks a significant step forward in holding those behind the scheme accountable and recovering lost funds for victims. The six promoters, whose names have not been officially released pending arrest, are expected to face multiple charges including conspiracy to defraud, operating without a license, and money laundering.
Investigations into CBEX began after several complaints were lodged with financial regulators, prompting a deeper probe into the company’s operations. Early findings suggested that CBEX lacked proper authorization and failed to comply with key regulatory requirements.
Law enforcement agencies have assured the public that efforts are ongoing to trace and recover assets tied to the scheme. Victims are being encouraged to come forward with additional information that may aid the investigation.
The court’s authorization of arrest and detention is seen as a move to prevent the suspects from fleeing or tampering with evidence as the case builds momentum.
