Court remands forex trader for allegedly defrauding investors of $300k and GH?10m

A 35-year-old forex trader, Benjamin Appiah Boateng, has been remanded into police custody by the Accra Circuit Court, facing charges of fraud and theft. The accused is alleged to have defrauded two individuals, Mr Berry Kwadwo Agyapong and Mr David Burke, out of significant sums — USD$300,000 and GH?10,445,000, respectively.

According to the court’s proceedings, Boateng, a resident of Oyibi, allegedly persuaded Mr Agyapong and Mr Burke to invest in cryptocurrency, particularly UDST, through platforms such as Binance. Boateng, who presented himself as a skilled forex trader with a successful investment history, lured the victims with promises of high returns.

Mr Agyapong, who first invested USD$300,000, later introduced Mr Burke, a businessman, to Boateng’s investment opportunity. Initially, Mr Burke invested GH?555,000 but later increased his total investment to GH?9,890,000, trusting Boateng's assurances of steady profits and dividends.

However, when Mr Burke sought to withdraw his investment and dividends, Boateng stopped responding to his communications. Mr Agyapong and Mr Burke both made several attempts to contact Boateng, but these efforts were unsuccessful.

In a troubling attempt to justify his actions, Boateng allegedly sent a voice message on WhatsApp to the victims, confessing that he had gambled away their investments on an online platform called “Stake.” He also reportedly sent a suicide note, which alarmed the victims.

Mr Burke subsequently filed a report with the police, which led to Boateng’s arrest. During questioning, Boateng allegedly admitted to the crimes.

The case, which is being presided over by Mr Samuel Bright Acquah, saw Boateng remanded into custody as he did not enter a plea. The court has adjourned the case to 13 January 2025, for further hearings.

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