Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Economic and Financial Crimes Commission (EFCC) has arraigned a man, Usie Otukpa Osang, before Justice Obiora Egwuatu of the Federal High Court, Abuja, over an alleged multi-million-dollar investment and cryptocurrency fraud. Osang was brought before the court on Monday, June 29, 2026, on an eight-count charge bordering on impersonation and obtaining by false pretence involving a total of AUD$8,427,330.83 (Eight Million, Four Hundred and Twenty-Seven Thousand, Three Hundred and Thirty Australian Dollars, Eighty-Three Cents) and US$3,639,462.00 (Three Million, Six Hundred and Thirty-Nine Thousand, Four Hundred and Sixty-Two United States Dollars).
According to the EFCC, 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 the sum of AUD$8,427,330.83 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 on investments.
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 and thereby committed an offence contrary to Section 8(a) of the Advanced Fee Fraud Act and Other Fraud Related Offences Act, 2006 and punishable under Section 1(3) of the same Act.”
In another count, the EFCC accused the defendant of fraudulently obtaining 19.806 Bitcoin, valued at $1,079,313.00, through a Binance wallet address between August 14 and November 23, 2021. The charge alleged that the cryptocurrency was obtained from the same complainant under the guise of investments in the purported cryptocurrency trading platform. Count six reads: “That you, Usie Otukpa Osang (alias Oscar Tyler and Ford Thompson) and others at large, sometime between 14th August, and 23rd November, 2021, in Abuja, within the jurisdiction of the Federal High Court, with the intent to defraud, obtained a total of BTC 19.806 valued at $1,079,313.00 through Binance wallet address: 16axdmS3aQUwFUwFUzHrSaozofuE3XY7bWaEw 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 and thereby committed an offence contrary to Section 1(1) of the Advanced Fee Fraud Act and Other Fraud Related Offences Act, 2006 and punishable under Section 1(3) of the same Act.”
Osang pleaded not guilty to all eight charges when they were read to him. Following his plea, prosecution 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. 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 and ordered that the defendant be remanded at the Kuje Correctional Centre pending the determination of his bail request.
The EFCC’s investigation into Osang’s activities dates back to December 2024, when the anti-graft agency arrested him for allegedly defrauding 139 Australians of approximately AUD$8 million through the same rogue cryptocurrency platform, Liquid Assets Group. The fraudulent activities revolved around the platform, which Osang promoted extensively on social media, luring investors with promises of high returns. The latest arraignment marks a significant step in the prosecution of the case, as the EFCC continues its crackdown on cryptocurrency fraud and investment scams targeting both domestic and international victims.
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