EFCC arraigns man over alleged Crypto Investment fraud
The Economic and Financial Crimes Commission (EFCC) has arraigned Usie Otukpa Osang before Justice Obiora Egwuatu of the Federal High Court in Abuja over an alleged multi-million-dollar fraud involving cryptocurrency investments.
According to a statement issued on Tuesday in Abuja by the EFCC's Head of Media and Publicity, Dele Oyewale, Osang is facing an eight-count charge bordering on impersonation and obtaining money by false pretence. The anti-graft agency alleged that the offences involved AUD$8,427,330.83 and US$3,639,462.00.
One of the charges alleges that between May 2021 and May 2022, Osang, using the aliases Oscar Tyler and Ford Thompson, conspired with others still at large to defraud Australian businessman Brian Jacques Creigh, Chief Executive Officer of investment firm Panacea Capital. The EFCC claimed the defendants falsely represented Liquid Assets Group as a licensed online cryptocurrency trading and investment platform capable of delivering significant returns on investment, thereby inducing the complainant to part with AUD$8.43 million.
Another count alleges that between August 14 and November 23, 2021, the defendant fraudulently obtained 19.806 Bitcoin, valued at approximately US$1.08 million, from the same complainant through a Binance wallet address under the same alleged false representation.
The EFCC said the offences are contrary to the provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
Osang pleaded not guilty to all eight charges when they were read in court.
Following his plea, prosecution counsel Christopher Mshelia urged the court to fix a date for trial and remand the defendant at the Kuje Correctional Centre pending the commencement of proceedings. Defence counsel K.I. Shuaibu, however, applied for his client's bail.
Justice Egwuatu adjourned the case until July 14, 2026, for the hearing of the bail application and ordered that the defendant be remanded at the Kuje Correctional Centre pending further proceedings.
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