Businessman Granted GHC2 Million Bail in Accra for Alleged Forex Fraud

Accra: An Accra Circuit Court has granted a businessman, Hamza Ali, bail of two million Cedis for defrauding by false pretence. According to Ghana News Agency, the court proceedings revealed that Hamza Ali, 47, allegedly took $105,000 from another businessman under the pretense of exchanging it for the equivalent of GHC1,627,500 but failed to complete the transaction. Ali, who pleaded not guilty, was charged with defrauding by false pretences. The court, presided over by Mr. Samuel Bright Acquah, set the bail conditions to include three sureties, one of whom must have justified landed property. The case came to light following a complaint by Mr. Gideon Oppong, a businessman residing in Kokomlemle, Accra. Oppong had approached Ali, who operates a forex bureau in Kasoa, to inquire if Ali would accept U.S. dollars for a transaction. Following their agreement, Oppong's business partner transferred $105,000 into Ali's foreign account. Despite confirming the receipt and promising to deliver the equivalent in Ghan aian cedis, Ali failed to provide the funds and subsequently went into hiding. The prosecution, led by Chief Inspector Daniel Danku, informed the court that after the transaction failed, Oppong filed a complaint with the police on July 18, 2024, which led to Ali's arrest on July 23, 2024. During the arrest, Ali admitted to the offence in his caution statement and mentioned a friend named Emmanuel, who allegedly owned the account used for receiving the funds. Ali requested additional time to make contact with Emmanuel to resolve the matter. The investigation into the case is still ongoing, and the court has adjourned the matter to October 21, 2024.