Ghanaian Forex Trader Detained in $1 Million Online Investment Fraud Case

Benjamin Appiah Boateng, a 25-year-old forex trader, has been remanded into police custody by Ghana's Accra Circuit Court Nine for allegedly defrauding two individuals of substantial sums through fraudulent online investments.

Boateng was accused of defrauding Mr. Berry Kwadwo Agyapong, a business consultant, and Mr. David Burke, a businessman, of $300,000 and GH₵10,445,000 (about $711,529) under the guise of investing in USDT (Tether) on Binance and other cryptocurrency platforms. The accused reportedly assured both complainants of consistent returns and steady dividends on their investments.

Mr. Agyapong had initially invested $300,000 in USDT on Binance through Boateng. Mr. Agyapong introduced Mr. Burke to Boateng. Persuaded by Agyapong's boasts about the profitability of the investment, Mr. Burke initially invested GH₵555,000. Encouraged by initial returns, Mr. Burke later invested an additional GH₵9,890,000 through Boateng. 

However, on December 14, 2024, when Mr. Burke attempted to withdraw his investment, Boateng ceased all communication and ignored calls from both complainants. Alarmed by the situation, Mr. Burke reached out to Mr. Agyapong, who attempted to make contact with Boateng. Subsequently, Boateng sent a WhatsApp voice note admitting that he had lost the investments on an online betting platform called Stake.

The case has been adjourned to January 13, 2025, as investigations into charges of stealing and fraud continue.