The President of the Greater Accra Regional House of Chiefs and Paramount Chief of Nungua, King Professor Odaifio Welentsi, has allegedly been defrauded of over GH¢4 million in a high-profile investment scam involving multiple foreign currencies.
The accused, Ismail Abass Iddrisu, a 53-year-old businessman and owner of Tyco Forex Bureau and Is-Abid Construction Company, was arraigned before the Dansoman Circuit Court on Wednesday, July 24, 2025 on a charge of fraudulent breach of trust, contrary to Section 128 of the Criminal Offences Act, 1960 (Act 29).
The Allegations
According to court documents and a police charge sheet, between early and late 2018, Mr Iddrisu convinced the Paramount Chief, who is also a customer at Tyco Forex, to invest in his Forex Bureau, promising attractive returns. The chief reportedly invested $400,000and £40,000 and GH¢2,000,000 in the business. A written agreement was signed on December 11, 2018.
However, investigations revealed that Mr. Iddrisu did not invest the money into the forex bureau as promised.
Instead, he allegedly diverted the funds to support his private construction company, Is-Abid Company, which had secured a contract with Ghana First Company Ltd valued at GH¢1.3 million.
With the diverted funds, Mr. Iddrisu reportedly purchased four 8×4 tipper trucks and a wheel loader, rather than using the funds for the agreed investment purpose.
Despite receiving the large sums, he is said to have paid back only GH¢60,000 in 2020 and later became evasive.
In 2023, the complainant, having failed to retrieve the remaining funds, lodged a formal complaint at the Teshie Police Station, leading to Mr.Iddrisu’s arrest.
Court Proceedings
During his first appearance in court, Mr.Iddrisu pleaded not guilty to the charge of fraudulent breach of trust. His lawyers applied for bail, but the application was opposed by the prosecution.
Presiding Judge, Her Honour Halimah El-Alawa Abdul-Baasit, refused the bail application, citing the seriousness of the offence and the significant amount involved.
In her ruling, she invoked Sections 96(5)(9)(6) of Act 30, remanding the accused into police custody to allow for expedited investigations.
Her Honour also noted that since the monetary value of the case exceeds the prosecutorial threshold of the current prosecutor, the matter would be forwarded to the Attorney General’s Department for further action.
The case has been adjourned to July 30, 2025.
