Court urges prosecution to expedite investigations in case of forex trader who lost millions on betting platform

The Accra Circuit Court Nine has instructed the police to speed up investigations into the case of a 35-year-old forex trader accused of defrauding two individuals through fraudulent online investments. 

Benjamin Appiah Boateng allegedly took $300,000 and GH₵10,445,000 from Mr. Berry Kwadwo Agyapong and Mr. David Burke under the guise of investing the money in UDST on the Binance cryptocurrency platform. 

The court, presided over by Mr. Samuel Bright Acquah, did not take Boateng’s plea due to the charges of theft and fraud.  

The court has ordered that he be brought back on February 5, 2025. 

Police Chief Inspector Jonas Lawer informed the court that both complainants, Mr. Burke, a businessman, and Mr. Agyapong, a business consultant, live in Accra.  

Boateng, a trader from Oyibi, was introduced to Mr. Burke by Mr. Agyapong, who had already invested about USD300,000 in UDST and Binance. 

Mr. Agyapong assured Mr. Burke of the investment’s steady returns, prompting Mr. Burke to initially invest GH₵555,000.  

Later, Mr. Burke provided an additional GH₵9,890,000 to Boateng to further increase his investment. 

Chief Inspector Lawer said that Boateng assured both complainants that their investments were progressing well and that dividends were being paid as promised. 

However, on December 14, 2024, Mr. Burke requested to terminate the investment and asked for the return of his total capital along with any accrued dividends. 

The court heard that after Mr. Burke made the request, Boateng ceased answering phone calls from both complainants.  

This prompted Mr. Burke to reach out to Mr. Agyapong regarding Boateng’s behavior. 

The prosecution stated that when Mr. Agyapong called Boateng to ask why he had been ignoring their calls, Boateng allegedly sent a WhatsApp voice note along with what appeared to be a suicide note. 

In the note, Boateng claimed that he had gambled away their entire investments on an online gambling platform called “Stake.” 

A report was made to the police, which led to Boateng’s arrest. During questioning, he confessed to the offenses.