EFCC arraigns suspect over alleged AUD$8.4m, US$3.6m investment fraud in Abuja

The Economic and Financial Crimes Commission, EFCC, has arraigned a man, Usie Otukpa Osang, before the Federal High Court in Abuja over his alleged involvement in a multi-million-dollar investment and cryptocurrency fraud.

Mr Osang was arraigned on Monday before Justice Obiora Egwuatu on an eight-count charge bordering on conspiracy, impersonation and obtaining money by false pretence involving a total of AUD$8,427,330.83 and US$3,639,462.

According to the EFCC, the defendant allegedly operated under the aliases “Oscar Tyler” and “Ford Thompson” and, alongside others said to be at large, deceived an Australian investor into investing millions of dollars in a fraudulent cryptocurrency trading platform.

One of the charges alleged that between May 2021 and May 2022, Osang and his alleged accomplices conspired to obtain AUD$8,427,330.83 from Brian Jacques Creigh, an Australian citizen and Chief Executive Officer of investment firm Panacea Capital.

The anti-graft agency told the court that the money was obtained under the false representation that Liquid Assets Group was a licensed online cryptocurrency trading and investment platform capable of generating significant returns on investment.

The EFCC said the alleged act contravenes Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and is punishable under Section 1(3) of the same Act.

In another count, the commission alleged that between August 14 and November 23, 2021, the defendant fraudulently obtained 19.806 Bitcoin, valued at approximately $1,079,313, from the same complainant through a Binance wallet address.

The prosecution alleged that the cryptocurrency was also obtained under the false claim that Liquid Assets Group was a legitimate investment platform offering high returns, a representation it said the defendant knew to be false.

Osang pleaded not guilty to all eight charges when they were read to him.

Following his plea, counsel to the EFCC, Christopher Mshelia, urged the court to fix a date for trial and remand the defendant in the Kuje Correctional Centre pending the determination of the case.

Defence counsel, K.I. Shuaibu,, however, applied for his client’s bail.

After listening to both parties, Justice Egwuatu adjourned the matter until July 14, 2026, for the hearing of the bail application.

The judge also ordered that the defendant be remanded in the Kuje Correctional Centre pending the determination of his bail request.