Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested Osang Usie Otukpa, a suspected online fraudster, for allegedly defrauding 139 Australians of AUD$8 million through a rogue cryptocurrency investment scheme. Otukpa was apprehended at the Murtala Mohammed International Airport, Ikeja, Lagos, upon his arrival from the United States on Friday, December 6, 2024.
Details of the Arrest
The EFCC’s Head of Media and Publicity, Dele Oyewale, disclosed the arrest in a statement issued on Friday. According to Oyewale, Otukpa operated under five aliases—Ford Thompson, Oscar Donald Tyler, Michael Haye, Jose Vitto, and Kristin Davidson—to perpetrate his fraudulent activities. He targeted victims on social media, convincing them to invest in a fictitious cryptocurrency platform, Liquid Asset Group.
“Operatives of EFCC have arrested a suspected online fraudster, Osang Usie Otukpa, for allegedly duping 139 Australians to the tune of AUD$8 million,” Oyewale stated. “He was picked up in a stakeout at the Murtala Mohammed International Airport, Ikeja, Lagos, upon arrival from the United States of America.”
Modus Operandi
Otukpa’s scheme involved using social media platforms to lure victims into investing in his fake cryptocurrency venture. The proceeds of the alleged crimes were funneled into his bank accounts through a global cryptocurrency exchange platform, allowing him to avoid immediate detection.
“The suspect scammed the victims by luring them on social media to invest in his rogue cryptocurrency investment platform, Liquid Asset Group,” Oyewale explained.
Current Status and Next Steps
Otukpa is currently in EFCC custody as investigators continue to gather evidence. The EFCC has assured the public that the suspect will be charged to court upon the conclusion of investigations.
Cryptocurrency Fraud on the Rise
This case highlights the growing prevalence of cryptocurrency-related fraud globally. Fraudsters exploit the increasing interest in digital assets by setting up fake platforms to deceive unsuspecting investors. Authorities continue to caution individuals to thoroughly verify investment opportunities and platforms before committing their funds.
Call for Vigilance
The EFCC has reiterated its commitment to combating financial crimes and has urged the public to remain vigilant against online scams. Citizens are encouraged to report suspicious activities to relevant authorities to prevent others from falling victim to such schemes.
Conclusion
The arrest of Osang Otukpa is a significant step in the fight against online fraud, particularly in the cryptocurrency sector. As the EFCC moves forward with its investigation, the case serves as a stark reminder of the need for caution in online financial dealings and the importance of regulatory oversight in emerging markets like cryptocurrency investments.
