Two remanded over alleged GH¢127m cyber theft
Court Remands Two Suspects
Two men have been remanded into custody over the alleged theft of GH¢127 million from a company in Ashalley Botwe, Accra, in what is emerging as one of the largest cyber theft cases to come before a Ghanaian court.
Wisdom Mandy, 30, and Dennis Kudzo Letsa, 29, were brought before the Accra Circuit Court on September 11, 2026, in connection with the alleged cyber-enabled theft.
Their pleas were not taken.
The two face five charges: conspiracy to commit crime, unauthorised access to a computer programme or electronic record, stealing, obtaining an electronic payment medium by false pretence, and money laundering.
How the alleged theft was discovered
According to the prosecution, the alleged theft took place between August 23 and 30, 2026, when GH¢127 million was allegedly transferred from the victim company’s accounts without authorisation.
The suspicious transactions were reportedly not detected through an automated security alert. Instead, the alleged breach came to light during a routine financial reconciliation.
By the time the company’s managing director reported the matter to the police on August 31, investigators had traced portions of the money through 12 financial institutions and several MTN Mobile Money wallets.
The funds allegedly moved through a complex network of business accounts, personal accounts and cryptocurrency transactions.
Millions allegedly moved through businesses
Prosecutors, led by Assistant Superintendent of Police Seth Frimpong, told the court that Mandy allegedly received a significant portion of the funds through accounts belonging to businesses he operates.
Approximately GH¢49.7 million was allegedly credited to Mando Pay, while GH¢19.3 million went into Hyfi Ventures and another GH¢4.98 million into BluePeak Enterprise.
Investigators allege that after transaction limits on the three accounts were exhausted, money was subsequently transferred to Klenda Trade Enterprise, a business associated with Letsa.
Klenda Trade Enterprise allegedly received approximately GH¢4.94 million.
Letsa is further alleged to have moved the funds into another account belonging to Zak AB Limited.
Money allegedly sent to other accounts
The prosecution also told the court that approximately GH¢2.99 million was transferred to an account belonging to Mandy’s former girlfriend.
Another alleged co-conspirator, Zakaria Karim Abdul, is said to have received approximately GH¢39.2 million.
Investigators also allegedly traced GH¢1.13 million to an MTN Mobile Money account linked to another alleged co-conspirator, Issah Seidu.
The prosecution maintains that these transactions formed part of a wider network used to move the allegedly stolen funds.
Cryptocurrency link
Mandy reportedly told investigators in his caution statement that he received some of the funds and used them to purchase digital assets on behalf of another alleged co-conspirator, Kevin Arinze.
He also allegedly admitted personally benefiting from approximately GH¢3 million through cryptocurrency transactions connected to the case.
The allegations suggest that cryptocurrency may have been used as part of the movement of some of the funds after they were allegedly taken from the victim company’s accounts.
Letsa allegedly provided his account
Letsa, according to the prosecution, told investigators that Mandy approached him and asked to use his business account to receive funds.
The prosecution further stated that Mandy, Letsa and Abdul are friends who attended the same university.
Investigators have reportedly frozen all the accounts identified in connection with the alleged transactions as they continue to trace the movement of the money.
Three suspects still at large
While Mandy and Letsa are in custody, three other alleged co-conspirators remain at large.
They have been identified as Zakaria Karim Abdul, Kevin Arinze and Issah Seidu.
ASP Seth Frimpong told the court that the police were actively pursuing the three suspects.
Investigations are also continuing, with police working to identify additional bank accounts and Mobile Money wallets that may have received portions of the allegedly stolen funds.
Serious cybersecurity concerns for businesses
The alleged theft highlights the growing financial risks businesses face as their operations increasingly depend on digital banking and computer systems.
The reported loss of GH¢127 million from a single company’s accounts over approximately one week demonstrates the potentially devastating consequences of unauthorised access to financial systems.
The inclusion of money laundering among the charges also means the investigation extends beyond the alleged initial theft to the subsequent movement and handling of the funds.
Case adjourned
The Accra Circuit Court has adjourned the case to September 22, 2026.
Prosecutors are expected to provide further details about the alleged transactions and the ongoing investigation when the suspects return to court.
The identity of the victim company and the precise method allegedly used to gain access to its financial systems have not yet been disclosed in the proceedings.
The allegations against Mandy, Letsa and the other suspects remain to be tested in court.
