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Reading: Court remands forex trader for allegedly defrauding investors of $300k and GH₵10m
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African News Herald > Blog > Ghana > Court remands forex trader for allegedly defrauding investors of $300k and GH₵10m
Ghana

Court remands forex trader for allegedly defrauding investors of $300k and GH₵10m

ANH Team
Last updated: January 6, 2025 12:22 am
ANH Team
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Court remands forex trader for allegedly defrauding investors of $300k and GH₵10m
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A 35-year-old forex trader, Benjamin Appiah Boateng, has found himself in legal trouble as he faces charges of fraud and theft. Boateng has been accused of defrauding two individuals, Mr Berry Kwadwo Agyapong and Mr David Burke, of substantial amounts — USD$300,000 and GH₵10,445,000, respectively.

The Accra Circuit Court proceedings revealed that Boateng, a resident of Oyibi, allegedly convinced Mr Agyapong and Mr Burke to invest in cryptocurrency, specifically UDST, through platforms like Binance. Presenting himself as a seasoned forex trader with a track record of successful investments, Boateng enticed the victims with promises of lucrative returns.

Initially, Mr Agyapong invested USD$300,000 in the scheme and later introduced Mr Burke, a businessman, to the investment opportunity presented by Boateng. Mr Burke initially invested GH₵555,000 but later raised his total investment to GH₵9,890,000, relying on Boateng’s assurances of consistent profits and dividends.

However, when Mr Burke attempted to withdraw his investment and dividends, Boateng suddenly went silent and ceased all communication. Despite numerous efforts to reach Boateng, both Mr Agyapong and Mr Burke were unsuccessful in contacting him.

In a shocking turn of events, Boateng allegedly sent a voice message via WhatsApp to the victims, admitting that he had lost their investments in online gambling on a platform called “Stake.” He even sent a distressing suicide note, causing alarm among the victims.

Following Mr Burke’s report to the police, Boateng was apprehended. During interrogation, Boateng reportedly confessed to the crimes he was accused of committing.

Presided over by Mr Samuel Bright Acquah, the court remanded Boateng into custody after he declined to enter a plea. The case has been adjourned to 13 January 2025 for further proceedings.

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