A 53-year-old businessman, Amadou Mohammed, has been granted bail of GH¢400,000 by the Achimota Circuit Court in Accra over an alleged US$3.5 million investment fraud involving a proposed business partnership in Nigeria.
Mohammed is accused of allegedly defrauding Mukhtar Haliru Tambuwal of US$3.5 million in 2022 after claiming he could facilitate the transfer of a US$400 million investment fund to Nigeria for a proposed joint business venture.
According to the charge sheet, the accused allegedly made the representation while in Accra, Greater Accra Region, persuading Tambuwal to release the money under the impression that it would be used to facilitate the investment partnership.
The prosecution alleges that Mohammed knew the claims about transferring the investment funds were false but proceeded to obtain the money from the complainant.
He has been charged with defrauding by false pretence, contrary to Section 131(1) of Ghana’s Criminal Offences Act, 1960 (Act 29).
Mohammed, however, pleaded not guilty to the charge.
The court, presided over by Her Honour Mrs Akosua Anokyewaa Adjepong, granted him bail in the sum of GH¢400,000. His bail conditions require two sureties, who must be justified with landed property.
The case has been adjourned to November 24, 2026, for further proceedings.
The alleged investment fraud case highlights the legal consequences associated with financial transactions, business partnerships and investment-related representations. The allegations are yet to be determined by the court.
Source: newsthemegh.com