Forex trader remanded in custody for defrauding investors $300,000 and GH?10million

A 35-year-old forex trader, Benjamin Appiah Boateng, has been remanded into police custody by an Accra Circuit Court for allegedly defrauding two individuals of a substantial sum of money.

The accused is facing charges of stealing and fraud after allegedly defrauding Mr. Berry Kwadwo Agyapong and Mr. David Burke of USD$300,000 and GH?10,445,000 respectively.

The court heard that Boateng, a resident of Oyibi, had convinced Mr. Agyapong and Mr. Burke to invest in cryptocurrency, specifically UDST, on platforms like Binance. He presented himself as a successful forex trader with a track record of profitable investments, enticing the victims with promises of high returns.

Mr. Agyapong, who initially invested USD$300,000 in Boateng’s scheme, subsequently introduced Mr. Burke to the investment opportunity. Mr. Burke, a businessman, invested a substantial amount of GH?555,000 initially, and later increased his investment to a total of GH?9,890,000 based on Boateng’s assurances of consistent profits and dividend payouts.

However, when Mr. Burke requested to withdraw his initial investment and accrued dividends, Boateng became unresponsive. Subsequent attempts by both Mr. Burke and Mr. Agyapong to contact Boateng proved unsuccessful.

In a desperate attempt to explain his actions, Boateng sent a WhatsApp voice note to the victims, claiming to have gambled away their entire investments on an online gambling platform called “Stake.” He also allegedly sent a purported suicide note, further alarming the victims.

Following this, Mr. Burke reported the incident to the police, leading to Boateng’s arrest. During police interrogation, Boateng reportedly admitted to the offenses.

The court, presided over by Mr. Samuel Bright Acquah, did not take Boateng’s plea and remanded him into police custody.

The case has been adjourned to January 13, 2025, for further proceedings.

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Source: GNA

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