A 32-year-old man has appeared before an Accra Circuit Court, accused of defrauding a businessman of GHS 1,860,000. Alexander Adusei Gyan allegedly presented himself as a bank official to secure the substantial sum. He promised to help the complainant obtain a GHS 3 million loan facility.
The prosecution detailed that the businessman, residing in Ofankor, was deceived into making payments to Gyan. Gyan, who is unemployed and lives in Ablekuma, Accra, allegedly collected the money over a period. He claimed these payments were contributions towards the promised loan facility.
This incident highlights a growing concern about financial fraud in Ghana. The Bank of Ghana (BoG) reported a 48% increase in fraud cases in 2025. Such schemes undermine public trust in financial institutions and pose significant risks to individuals and businesses. The rising number of reported cases suggests a need for increased vigilance and stronger regulatory oversight.
According to the prosecution, Gyan approached the businessman in October 2024. He claimed to be a staff member of a reputable bank. He assured the complainant that he could secure the GHS 3 million loan if contributions between GHS 2,000 and GHS 10,000 were deposited over one year. The businessman, acting on this representation, made payments totaling GHS 1,860,000. These transactions were made through a mobile money account registered in Gyan’s name, with receipts acknowledged for each payment.
Gyan later instructed the complainant to open an account at the bank’s Achimota branch. However, after receiving the full amount, Gyan reportedly blocked all communication channels and went into hiding. The complainant subsequently reported the matter to the police, leading to Gyan’s arrest. In his caution statement, Gyan admitted to the offence. He also mentioned an accomplice, Desmond Osei, but failed to assist investigators in locating him.
Gyan has been charged with defrauding by false pretences and pleaded not guilty. The court initially granted him bail in the sum of GHS 2 million. This required three sureties, one justified with landed property and two public servants earning GHS 5,000 monthly. Unable to meet these conditions, his legal counsel applied for a review of the bail terms. The court subsequently reduced the bail amount to GHS 500,000. This revised bail requires two sureties, one justified with property and the other a public servant earning GHS 4,000 monthly. The sureties were ordered to deposit copies of their Ghana Cards at the court registry.
This case underscores the persistent challenge of financial scams in Ghana. It also emphasizes the importance of verifying the credentials of individuals claiming to represent financial institutions. Businesses and individuals must exercise extreme caution when dealing with large sums of money outside official banking channels. The outcome of this trial will be closely watched as it could influence public perception of justice in financial fraud cases. It also highlights the ongoing efforts by law enforcement to combat such crimes.