An Accra Circuit Court has granted bail in the sum of GH₵5 million to Benjamin Appiah Boateng, a trader accused of defrauding two businessmen of millions of Ghana cedis through a purported cryptocurrency investment scheme.
Presiding Judge, His Honour Samuel Bright Acquah, ruled that the bail conditions would include four sureties, one of whom must justify their capacity. Additionally, the court has ordered Boateng to surrender his travel documents to the court registry to prevent any potential flight risk.
Boateng is facing two charges of stealing, in violation of Section 124(1) of the Criminal Offences Act, 1960 (Act 29), and two counts of defrauding by false pretenses, contrary to Section 131(1) of the same Act. Prosecutors allege that Boateng misled the two businessmen into investing significant sums of money in a cryptocurrency venture that turned out to be fraudulent.
The court proceedings highlighted the severity of the allegations, with the prosecution asserting that Boateng’s actions resulted in substantial financial losses for the victims. Details of the alleged scheme remain under investigation, and the court emphasized the importance of ensuring Boateng’s availability for trial.
Boateng’s legal counsel argued for bail on grounds of his cooperation with the investigation and his right to be presumed innocent until proven guilty. The court’s bail ruling seeks to balance these considerations while safeguarding the integrity of the trial process.
The case has been adjourned, with the next hearing set to determine further procedural matters. Meanwhile, authorities have urged individuals to exercise caution and due diligence when engaging in cryptocurrency-related investments.
Prosecution’s Case
Chief Inspector Jonas Lawer informed the court that the first complainant, David Buke, is a businessman residing at La, while the second complainant, Kwadwo Agyapong Berry, is a business consultant based in Adenta.
Boateng, a resident of Oyibi, was introduced to Buke by Berry as a Forex trader specializing in USDT and cryptocurrency investments on platforms such as Binance.
Berry had already invested $300,000 in USDT through Boateng and claimed the investment was lucrative, with consistent dividends paid.
Convinced by Berry’s testimony, Buke initially gave Boateng GH₵555,000 for investment.
This was followed by an additional GH₵9,890,000, bringing his total investment to GH₵10,445,000.
Boateng reportedly assured both complainants that the investments were progressing smoothly and maintained their trust by regularly paying dividends.
Fraudulent Actions and Arrest
On December 14, 2024, Buke requested to withdraw his entire capital and accrued dividends. Following this request, Boateng stopped communicating with both complainants.
When Berry attempted to contact him, Boateng sent a WhatsApp voice message and a purported suicide note, confessing that he had gambled the entire investment on an online gambling platform called “Stake.”
Alarmed, the complainants reported the matter to the police, leading to Boateng’s arrest. During police interrogation, Boateng admitted to gambling away the funds entrusted to him.
Ongoing Investigations
The court was informed that investigations are still ongoing, with the stolen funds totaling GH₵10,445,000 from Buke and an undisclosed amount from Berry.
The case has been adjourned to allow further investigations, with the next hearing scheduled for a later date.
