A 53-year-old businessman, Ismail Abass Iddrisu, has been granted GH¢3 million bail by the Dansoman Circuit Court over allegations that he defrauded the President of the Greater Accra Regional House of Chiefs, King Professor Odaifio Welentsi, of more than GH¢4 million in a forex investment scheme.
The accused, who had been on remand for nearly a week, was granted bail by Her Honour Halimah El-Alawa Abdul-Baasit under strict conditions.
As part of the bail package, the court ordered that Iddrisu present three sureties — two of whom must be salaried workers earning no less than GH¢3,000 monthly and living within the court’s jurisdiction. The third surety is required to justify the bail sum with valid title deeds.
Iddrisu is also to deposit his Ghana Card with the court registry and report to the police every two weeks until further notice. The case has been adjourned to September 10, 2025 for continuation.
Mr. Iddrisu is facing a charge of fraudulent breach of trust, contrary to Section 128 of the Criminal Offences Act, 1960 (Act 29).
The prosecution, led by Chief Inspector Portia Nuarko, alleges that the accused dishonestly appropriated funds entrusted to him by the complainant under the pretext of business investment.
Details of the Alleged Fraud
The facts presented in court indicate that the matter traces back to 2018. The complainant, King Professor Odaifio Welentsi, who also serves as Paramount Chief of Nungua, told investigators he was persuaded by the accused to invest in a forex trading business known as Tycoo Forex, which operated in Nungua and Abossey Okai.
Relying on Mr. Iddrisu’s representations, the traditional ruler invested $400,000, €40,000, and issued a GH¢2 million cheque under a formal agreement signed on December 11, 2015.
However, investigations revealed that Mr. Iddrisu, who also owns Is Abid Company, a construction firm, had allegedly diverted the funds into his private business operations.
The court heard that he used the money to purchase four tipper trucks and a wheel loader to execute a construction contract with Ghana First Company Ltd, worth approximately GH¢1.3 million.
Despite receiving over GH¢4 million, the accused reportedly refunded only GH¢60,000 in 2020 before cutting off communication. A formal complaint was lodged at the Teshie Police Station in 2023, resulting in his arrest.
The case is expected to continue on September 10, 2025, as further investigations and legal proceedings unfold.
