The Abuja Division of the Federal High Court on Monday declined to grant the bail application filed by three detained promoters of the Crypto Bridge Exchange (CBEX) over the alleged $1 billion fraud.

Justice Emeka Nwite, in a ruling, held it was obvious that from the totality of the affidavit evidence of both parties, it was glaring that the character of evidence against the defendants was strong.

Mr Nwite also held that due to the nature of the case, the Economic and Financial Crimes Commission (EFCC) obtained an order of remand of the defendants by a court of competent jurisdiction.

The judge observed that at the time of the bail application by the CBEX promoters, no formal charge had been filed against the applicants.

He also observed that, before the hearing of the instant application, a formal charge had already been filed against the defendants, awaiting assignment to a particular court or judge.

“In view of the foregoing and taking cognisance of the nature of the case and particularly, a charge has been filed against applicants, I am of the view, and I so hold, that interest of justice will be met by taking this application to the court where the charge is pending for the court to take the arraignment of the applicants and hearing the bail application simultaneously.

“Hence,  the application is refused,” the judge declared.

Mr Nwite had, on June 11, fixed June 30 for the ruling after counsel for the EFCC, Fadila Yusuf, and the defence lawyers adopted their processes and argued their case for and against the application.

The judge had, on April 24, given the EFCC the go-ahead to arrest and detain six operators of CBEX over their involvement in the fraud.

The judge, who gave the order after EFCC’s lawyer, Ms Yusuf, moved an ex-parte motion to that effect, said the detention would be pending the conclusion of the investigation into the alleged offences and possible prosecution.