The Economic and Financial Crimes Commission (EFCC) has arrested a Nigerian man, Osang Usie Otukpa, for allegedly defrauding 139 Australians of AUD$8 million (eight million Australian dollars) through a fake cryptocurrency investment scheme.
Otukpa, who was arrested on Friday, December 6, 2024, at the Murtala Mohammed International Airport in Ikeja, Lagos, had just returned from the United States of America.
The suspect, who goes by five different aliases, including Ford Thompson, Oscar Donald Tyler, Michael Haye, Jose Vitto, and Kristin Davidson, reportedly used social media platforms to lure unsuspecting Australians into investing in his fraudulent cryptocurrency venture called Liquid Asset Group (LAG).
According to the EFCC, Otukpa’s scam was cleverly designed to deceive the victims into thinking they were investing in a legitimate cryptocurrency platform. He promised high returns on their investments, which were never delivered. Instead, the proceeds from the scam were channeled into his personal bank accounts through a global cryptocurrency exchange platform.
The arrest marks a significant move by the EFCC in its ongoing efforts to clamp down on online fraud and cybercrime. The commission confirmed that Otukpa would be charged to court as soon as investigations into his activities are concluded.
Dele Oyewale, the EFCC Head of Media and Publicity, confirmed the arrest and noted that the suspect would soon face legal proceedings. “Investigations are still ongoing, and Otukpa will be charged to court once we complete the process,” Oyewale said in a statement.
Otukpa’s arrest follows months of investigation by the EFCC, working in partnership with global authorities to track down fraudsters operating international scams. The scam, which targeted Australians, is believed to have spanned several months, during which Otukpa exploited the growing interest in cryptocurrency investments to lure his victims.
The suspect’s use of multiple aliases was a deliberate attempt to avoid detection and complicate any efforts to trace his activities. His victims were drawn in by sophisticated tactics, including fake promises of high returns and the creation of a fraudulent cryptocurrency platform that appeared legitimate.
The EFCC’s action has been praised as a crucial step in addressing the rise of online financial fraud, particularly those involving cryptocurrency. Cryptocurrency scams have become increasingly prevalent, with criminals exploiting the lack of regulation and the anonymity of digital currencies to defraud investors.
The EFCC has been actively targeting fraudsters involved in cryptocurrency scams, following the rise in global cybercrime. The commission has also urged Nigerians to be cautious of online investment schemes that seem too good to be true, especially those that promise unrealistic returns in a short period.
In a statement, the EFCC emphasized the importance of public awareness in combating online fraud. “We are committed to ensuring that individuals like Otukpa face the full consequences of their actions,” the commission said.
As part of its continued efforts to curb cybercrime, the EFCC has stepped up its collaboration with international law enforcement agencies to tackle cross-border fraud. The arrest of Otukpa is part of a broader crackdown on individuals involved in international financial scams.
