EFCC Arraigns Man Over Alleged AUD$8.4m, US$3.6m Crypto Investment Fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned a man, Usie Otukpa Osang, before the Federal High Court in Abuja over an alleged multi-million-dollar investment fraud involving Australian and United States currencies.

Osang was brought before Justice Obiora Egwuatu on Monday on an eight-count charge bordering on impersonation and obtaining by false pretence involving AUD$8,427,330.83 and US$3,639,462.00.

According to the EFCC in a statement via its X handle, on Tuesday, June 30, the defendant allegedly operated under the aliases “Oscar Tyler” and “Ford Thompson” and conspired with others still at large to defraud investors through a purported cryptocurrency investment platform known as Liquid Assets Group.

The anti-graft agency alleged that between May 2021 and May 2022, Osang fraudulently obtained AUD$8.4 million from Brian Jacques Creigh, an Australian citizen and Chief Executive Officer of investment firm Panacea Capital, by falsely presenting Liquid Assets Group as a licensed online cryptocurrency trading and investment platform that promised significant returns.

READ ALSO: EFCC, CAC To Partner On POS Regulations, Financial Sector Protection

One of the charges reads: “That you, Usie Otukpa Osang (alias Oscar Tyler and Ford Thompson) and others at large, sometime between May, 2021 and May, 2022, in Abuja, within the jurisdiction of the Federal High Court, with the intent to defraud, conspired with others at large to obtain the aggregate sum of AUD $8,427,330.83… from Brian Jacques Creigh, an Australian Citizen and the CEO of an investment firm Panacea Capital under the false pretence that Liquid Assets Group is a licensed online cryptocurrency trading and investment platform and offered significant return on investments, which you knew to be false…”

The EFCC further alleged that the defendant fraudulently received 19.806 Bitcoin, valued at $1,079,313, through a Binance wallet between August 14 and November 23, 2021, from the same complainant under the same alleged false representation.

Part of the charge states: “That you, Usie Otukpa Osang (alias Oscar Tyler and Ford Thompson) and others at large, sometime between 14th August, and 23rd November, 2021… obtained a total of BTC 19.806 valued at $1,079,313.00… from Brian Jacques Creigh… under the false pretence that Liquid Assets Group is a licensed online cryptocurrency trading and investment platform and offered significant return on investments which you knew to be false…”

The defendant pleaded not guilty to all eight counts.

Following his plea, EFCC counsel, 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.

However, defence counsel, K.I. Shuaibu, applied for his client’s bail.

Justice Egwuatu adjourned the matter until July 14, 2026, for the hearing of the bail application and ordered that Osang be remanded in the Kuje Correctional Centre, Abuja, pending further proceedings.