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Fraud

Accused Businessman Pleads Not Guilty to Allegations of Currency Exchange Scam

Strategic Insights

— 1 min read

Accused businessman Abdul Kadir Nasir has been hauled before the Dansoman Circuit Court for allegedly defrauding seven foreign exchange traders. Nasir, who operates in the Tudu area of Accra, pleaded not guilty to seven counts of fraudulent breach of trust. According to the prosecution, Nasir approached several forex traders claiming he had secured a transaction that required both local and foreign currencies. The traders, trusting his assurances, handed him various sums totalling over GHS325,000 and US$5,700. However, Nasir reportedly vanished after receiving the funds, claiming the money had been deposited into his mobile money account and subsequently used by an 'unknown Nigerian man' to place bets on an online betting platform. Nasir has so far refunded GHS10,000 during police investigations and has been granted bail in the sum of GHS150,000.

Key Takeaways:

  • Abdul Kadir Nasir, a 28-year-old businessman, has been accused of defrauding seven foreign exchange traders under the pretense of conducting currency exchange transactions.
  • The accused operates in the Tudu area of Accra and pleaded not guilty to seven counts of fraudulent breach of trust, contrary to Section 128 of the Criminal Offences Act, 1960 (Act 29).
  • The complainants include Mohammed Osman - US$5,200, Abdul Rahman Seidu - US$500, Musah Zibo - GHS50,000, Safiyan Iddriss - GHS65,000, Jibril Adams - GHS110,000, Sumana Munkaila - GHS25,000, and Bilyamin Abdul Rahman - GHS15,000.
  • Nasir allegedly vanished after receiving the funds, claiming the money had been deposited into his mobile money account and subsequently used by an 'unknown Nigerian man' to place bets on an online betting platform.
  • Nasir has so far refunded GHS10,000 during police investigations and has been granted bail in the sum of GHS150,000 with two sureties, one of whom must be a public servant earning not less than GHS2,000 monthly.
  • The case has been adjourned to August 18, 2025, for further hearing.

Statistics:

  • Over GHS325,000 and US$5,700 were allegedly defrauded by the accused.
  • The accused has refunded GHS10,000 during police investigations.
  • Nasir has been granted bail in the sum of GHS150,000 with two sureties, one of whom must be a public servant earning not less than GHS2,000 monthly.
  • The case has been adjourned to August 18, 2025, for further hearing.

Sources:

  • [Dansoman Circuit Court]
  • [Ghanaian Times]

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