Alleged Crypto Fraud: Court grants man N500 million bail in AUD$8.4m, US$3.6m case
The Federal High Court in Abuja on Wednesday granted N500 million bail to Usie Otukpa Osang in an AUD$8,427,330.83 and US$3,639,462.00 alleged crypto fraud case instituted against him by the Economic and Financial Crimes Commission (EFCC). The post Alleged Crypto Fraud: Court grants man N500 million bail in AUD$8.4m, US$3.6m case appeared first on Nairametrics .
On Wednesday, the Federal High Court in Abuja granted N500 million bail to Usie Otukpa Osang in an alleged crypto fraud case worth AUD$8,427,330.83 and US$3,639,462.00, according to prosecutors. Justice Obiora Egwuatu ruled in favor of the defendant's legal team, who argued that Osang had submitted sufficient evidence to warrant bail.
The Economic and Financial Crimes Commission (EFCC) had charged Osang with eight counts of impersonation and obtaining money by false pretence on June 29, 2026. Osang denied the allegations and sought bail on liberal terms. The court considered various factors, including the suspect's criminal record, the nature of the offense, and the likelihood of the defendant jumping bail.
As long as these facts were not denied by the commission, the judge ruled that N500 million bail be granted to Osang, with two sureties providing the same sum and meeting additional requirements. The sureties must own a property in Abuja and provide tax payment evidence, with one being a civil servant at Level 15 or higher. The defendant must surrender his international passport to the court registrar. The case was adjourned to September 5, 2026, for trial.
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