The Economic and Financial Crimes Commission (EFCC) has arraigned Usie Otukpa Osang before the Federal High Court in Abuja over an alleged multi-million-dollar investment fraud involving cryptocurrency transactions and false representations.
Osang appeared before Justice Obiora Egwuatu on Monday, June 29, 2026, to answer an eight-count charge bordering on impersonation and obtaining by false pretence. The EFCC alleged that the offences involved AUD$8,427,330.83 and US$3,639,462.00.
According to the anti-graft agency, the defendant, who allegedly operated under the aliases “Oscar Tyler” and “Ford Thompson,” conspired with others still at large between May 2021 and May 2022 to defraud Australian businessman Brian Jacques Creigh, Chief Executive Officer of investment firm Panacea Capital.
The prosecution alleged that the victim was deceived into investing after being falsely informed that Liquid Assets Group was a licensed online cryptocurrency trading and investment platform capable of delivering substantial returns. The EFCC maintained that the representation was fraudulent.
In one of the counts, the Commission further alleged that between August 14 and November 23, 2021, the defendant and his alleged accomplices fraudulently obtained 19.806 Bitcoin, valued at approximately US$1,079,313, through a Binance wallet, using the same false investment scheme to induce the victim to part with the funds.
The EFCC stated that the alleged offences contravene provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
Osang pleaded not guilty to all eight counts.
Following the arraignment, prosecuting counsel Christopher Mshelia urged the court to fix a date for trial and requested that the defendant be remanded at the Kuje Correctional Centre pending further proceedings.
Defence counsel K. I. Shuaibu, however, applied for the defendant’s bail.
Justice Egwuatu adjourned the matter until July 14, 2026, for the hearing of the bail application and ordered that the defendant be remanded at the Kuje Correctional Centre.
