Nigeria charges suspect over US$9.2M crypto fraud
- Nigeria's Economic and Financial Crimes Commission charged a suspect over an alleged cryptocurrency fraud involving more than US$9.2 million.
- Prosecutors allege the scheme targeted an Australian investor using a fake crypto trading platform and included a transfer of 19.806 Bitcoin.
- The case will proceed with a bail hearing on July 14 as authorities continue efforts to combat cryptocurrency-related financial crime.
Nigeria's Economic and Financial Crimes Commission (EFCC) charged Usie Otukpa Osang with eight counts of fraud over an alleged cryptocurrency investment scheme involving more than US$9.2 million and a transfer of 19.806 Bitcoin (CRYPTO:BTC).
Prosecutors alleged the fraud occurred between May 2021 and May 2022, claiming Osang and accomplices used the aliases "Oscar Tyler" and "Ford Thompson" to persuade Australian investor Brian Jacques Creigh, chief executive of Panacea Capital, to invest in a fictitious crypto trading platform called Liquid Assets Group.
According to prosecutors, Osang allegedly received 19.806 Bitcoin, valued at about US$1.08 million at the time, through a Binance wallet, while the defendant pleaded not guilty and Justice Obiora Egwuatu ordered him remanded in Kuje Correctional Centre ahead of a bail hearing on July 14.
The EFCC said the prosecution forms part of its efforts to tackle cryptocurrency-related financial crime, and there was no direct market reaction following the court proceedings.
VASPA's Head of Programmes and Communication, Rume Ophi, said the case challenges claims that Nigeria is a safe haven for cybercrime, arguing authorities are actively investigating and prosecuting financial offences while encouraging victims to report cryptocurrency scams.
The case remains before the Federal High Court in Abuja as investigators continue efforts to locate additional suspects who prosecutors allege were involved in the scheme.
At the time of reporting, Bitcoin price was $61,578.84.
