Alleged $12m Investment Fraud: EFCC Arraigns Suspect, Court Orders Remand In Kuje Correctional Centre

The Economic and Financial Crimes Commission (EFCC) has arraigned Usie Otukpa Osang before the Federal High Court in Abuja over an alleged $12m investment fraud involving Australian dollars, United States dollars and cryptocurrency. The court subsequently ordered that the defendant be remanded in the Kuje Correctional Centre pending the hearing of his bail application.

Key Highlights:

• EFCC arraigns suspect over alleged $12m investment fraud.
• Defendant faces an eight-count charge bordering on impersonation and obtaining by false pretence.
• Alleged fraud involves AUD$8.4 million, US$3.6 million and Bitcoin transactions.
• Court remands defendant in Kuje Correctional Centre.
• Bail application fixed for hearing on July 14, 2026.

According to the EFCC, Osang was arraigned before Justice Obiora Egwuatu on an eight-count charge involving alleged impersonation and obtaining by false pretence to the tune of AUD$8,427,330.83 and US$3,639,462.

The anti-graft agency alleged that the defendant, who also operated under the aliases Oscar Tyler and Ford Thompson, conspired with other persons still at large to defraud an Australian investor through a fraudulent cryptocurrency investment scheme.

The EFCC told the court that the defendant allegedly deceived Brian Jacques Creigh, an Australian citizen and Chief Executive Officer of Panacea Capital, into believing that Liquid Assets Group was a licensed online cryptocurrency trading and investment platform capable of delivering substantial returns.

According to the commission, the alleged offences were committed between May 2021 and May 2022 in Abuja and contravened the provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

One of the charges alleged that the defendant and his accomplices fraudulently obtained AUD$8,427,330.83 from the complainant under the false representation that the investment platform was legitimate.

Another count alleged that between August 14 and November 23, 2021, the defendant obtained 19.806 Bitcoin, valued at US$1,079,313, through a Binance wallet as part of the alleged fraudulent investment scheme.

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When the charges were read, Osang pleaded not guilty to all eight counts.
Following the plea, prosecution counsel, Christopher Mshelia, asked the court to fix a trial date and remand the defendant in the Kuje Correctional Centre pending the commencement of proceedings.

Defence counsel, K.I. Shuaibu, subsequently applied for bail on behalf of his client.
After listening to both parties, Justice Egwuatu adjourned the matter until July 14, 2026, for the hearing of the bail application and ordered that the defendant remain in custody at the Kuje Correctional Centre pending further proceedings.
The case is expected to proceed after the court determines the defendant’s bail application.