The 'Dade' Boys were stung by Inusah Musah's 71st minute winner after Benjamin Arthur cancelled out Paul Acquah's opener for the Phobians at the Accra Sports Stadium.
“Officiating really affected us because the referee [William Agbovi] was in to rob us of victory against Hearts of Oak," Attram said.
“[This was obvious] if you looked at the numerous penalties that came our way but he chose not to award them.
"I feel cheated and it’s not good for the game."
Attram's future as head coach of the club had been thrown in doubt prior to the game, having drawn two and lost three games at matchday five.
The former Ghana international, however, feels the latest setback should not be laid at his doorsteps.
"Everyone saw what happened today," Attram said, "this is not a coaching fault.
"We don’t know what is happening to the team."
With Olympics down 2-1, coach Attram joined the game in the 83rd minute, replacing Godfred Odametey, but his presence on the pitch could not save his side.
The 'Dade' Boys still sit bottom of the table with two points ahead of Wednesday's welcome of Inter Allies.