Operatives of Nigeria’s Economic and Financial Crimes Commission (EFCC) have arrested Osang Otukpa, a suspected online fraudster, accused of defrauding 139 Australians out of a staggering $8 million (AUD).
Otukpa, who allegedly masterminded the scam using a series of false identities, was apprehended on Friday, December 6, 2024, at the Murtala Mohammed International Airport in Ikeja, Lagos, as he arrived from the United States of America.
According to a statement issued by the EFCC’s Head of Media and Publicity, Dele Oyewale, Otukpa’s fraudulent activities spanned across multiple online platforms where he posed as a legitimate cryptocurrency investment expert.
Using five aliases—Ford Thompson, Oscar Donald Tyler, Michael Haye, Jose Vitto, and Kristin Davidson—he targeted Australians, luring them into investing in a bogus cryptocurrency scheme called Liquid Asset Group.
The scheme, described by the EFCC as a “rogue” cryptocurrency investment platform, promised high returns on investments, attracting unsuspecting victims from Australia.
Once the victims sent their money, Otukpa allegedly funneled the funds through his personal bank accounts using a global cryptocurrency exchange platform. This allowed him to hide the illicit transactions and evade detection for a considerable period.
The EFCC’s investigation revealed that Otukpa’s operation was highly sophisticated, relying on the anonymity provided by cryptocurrency platforms to obscure the flow of funds.
The victims, initially attracted to the investment opportunity through social media advertisements, were later coerced into sending substantial sums of money under the false pretense of secure and profitable returns. However, once the funds were transferred, Otukpa reportedly vanished, leaving his victims with no recourse.
Following his arrest, the EFCC confirmed that Otukpa would be charged in court once their investigations are concluded.
Authorities have also expressed concerns about the increasing sophistication of online fraud, particularly in the cryptocurrency sector, which has become a target for scammers due to its decentralized and anonymous nature.
The EFCC’s statement also highlighted its ongoing efforts to combat financial crimes both locally and internationally. ‘
The commission continues to collaborate with global law enforcement agencies to track down cybercriminals and dismantle fraudulent networks that exploit vulnerable individuals.
The arrest of Otukpa serves as a warning to individuals considering online investment opportunities, emphasizing the need for caution when dealing with unverified platforms.
It also underscores the importance of governmental agencies and financial institutions in safeguarding citizens from fraudulent schemes.
As investigations continue, the EFCC remains committed to bringing perpetrators of cyber fraud to justice, ensuring that fraudsters like Otukpa are held accountable for their actions.
This case highlights the global nature of financial crimes and the crucial role of international cooperation in addressing them.
