Businessman Accused of Defrauding Paramount Chief Granted GH¢3M Bail

Ismail Abass Iddrisu, a 53-year-old Businessman accused of defrauding the President of the Greater Accra Regional House of Chiefs, King Professor Odaifio Welentsi, to the tune of  GH¢4 million, has been granted bail by the Dansoman Circuit Court.

The accused was remanded for nearly a week before Her Honour Halimah El-Alawa Abdul-Baasit granted him bail on Tuesday.

The bail amount was set at GH¢3 million with stringent conditions: three sureties, two of whom must be salaried workers earning no less than GH¢3,000 monthly and residing within the court’s jurisdiction. The third surety is required to justify the bail sum with valid title deeds.

Additionally, Mr Iddrisu must deposit his Ghana Card with the court registry and report to the police every two weeks, as part of his bail conditions.

The case has been adjourned to September 10, 2025 for further hearing. Chief Inspector Portia Nuarko is prosecuting the case on behalf of the Republic.

Alleged Fraud Scheme

According to the facts of the case, the incident dates back to 2018. The complainant, King Professor Odaifio Welentsi, who is also the Paramount Chief of Nungua, claims he was lured by Mr. Iddrisu into investing in a purportedly thriving forex trading business, known as Tycoo Forex, located in Nungua and Abossey Okai.

Based on the accused’s representations, the chief allegedly invested substantial sums – $400,000 and €40,000 and a cheque of GH¢2 million into the business under a written agreement signed on December 11, 2015.

However, investigations later revealed that the accused, who also owns a construction firm, Is Abid Company, had allegedly diverted the invested funds into his private construction ventures.

The court heard that Mr. Iddrisu used the money to purchase heavy machinery, including four tipper trucks and a wheel loader, to execute projects under a contract with Ghana First Company Ltd, valued at GH¢1.3 million.

Despite receiving over GH¢4 million in investment, the accused is said to have only paid back GH¢60,000 in 2020 before becoming evasive. The complainant subsequently filed a report with the Teshie Police in 2023, leading to Mr. Iddrisu’s arrest.

Charges

Mr. Iddrisu is facing charges of fraudulent breach of trust, contrary to Section 128 of the Criminal Offences Act, 1960 (Act 29). Prosecutors allege he dishonestly appropriated the complainant’s funds entrusted to him as a business partner.

The court will resume the case on September 10, 2025, as investigations and legal proceedings continue.

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