The High Court in Accra has revoked the bail of Yaw Adu-Agyei Gyamfi, Chief Executive Officer (CEO) of Danadams Pharmaceuticals Industries Limited, due to his failure to disclose accurate information about his travel plans to the Court.
Adu-Agyei Gyamfi, who pleaded not guilty to charges including defrauding by false pretense, uttering of forged documents, and money laundering, had been granted bail earlier.
However, Justice Marie-Louise Simmons rescinded the bail after it was revealed that his lawyers had misled the court about his whereabouts.
The court had been informed that the accused person was out of the jurisdiction, but investigations revealed that he was actually in the country.
A report from the Ghana Immigration Service showed that Adu-Agyei Gyamfi had traveled to an unnamed country in October 2025 and returned in December 2025, contradicting his lawyer’s claims that he was still abroad for medical treatment.
The court deemed his actions as an attempt to mislead and potentially evade trial.
“The Court has been submitted with a report from the Ghana Immigration Service… The report provides the travel history of the Accused and his passport details… With the misinformation to the Court on his travel history, it is the belief of the Court that he will not come back to stand trial if he still remains on his bail,” Justice Simmons said.
He has since been remanded into police custody, and the trial will continue on March 17, 2026.
Brief facts
The brief facts of the case were that the complainants are the Vice President of Operations of the ECOWAS Bank for investment and Development (EBID), Abdoulaye Fall; the Senior Vice President of the Royal Bank, EK. Aminarh and the Managing Direclor of the Royal Bank, Robert K. Bentil.
It said, EBID is a regional financial institution, one of the arms of ECOWAS and has its headquarters in Lome, Togo.
The Prosecution said on May 21, 2013, the accused, the Chief Executive Officer of Danadams Pharmaceuticals Industries Limited, Yaw Adu-Agyei Gyamfi, applied for a loan of US$9.5 million from BID for partial financing of the upgrade and expansion of Danadams Pharmaceutical Industries Limited.
It said, the loan was approved by EBID and as a condition precedent to the disbursement of the loan, the accused was expected to open an escrow account in a first class bank acceptable to BID into which was to be deposited an amount of US$340,000, the equivalent of one repayment instalment of the loan.
The Prosecution said, in furtherance of this condition, the accused, on July 30, 2014 wrote to the Royal Bank requesting that they open an escrow account in the joint names of BID and Danadams Pharmaceutical Industries Limited.
It said, the following day, the bank, in a letter to the accused, informed him that a US Dollar escrow account had been opened in the joint names of Danadams Pharmaceuticals Industries and BID.
The Prosecution said the accused in a letter dated July 31, 2014 wrote to BID confirming the opening of the account and the deposit of the agreed US$340,000.
On the strength of the representation by the accused, EBID disbursed the first tranche of US$6,020,840.
It said, almost two years later, on May 11, 2016, officials from BID visited the Royal Bank to among other things enquire about the existence of the escrow account and any lodgements into the account.
They found that the letter confirming the deposit of US$340,000 in the escrow account which was signed by Kwame Annoh, the Head of Business Banking at the Royal Bank was forged.
They also discovered that other documents which they had relied on in granting the loan to the accused’s company were similarly forged.
The complainants then proceeded to lodge their respective complainants to the then Fraud Unit, now the Commercial crime Unit of the Ghana Police Service.
They stated that although there were three signatories to the account, at all material times, the bank only dealt with the Chief Executive Officer of the company, the accused.
The accused relied on the fraudulent documents to procure the facility from BID and that he could not have been unaware that the documents were forged.
Prior to this, on the 4lh of August 2014, Danadams had appointed the accused to act on its behalf in all applications, negotiations and dealings with the BID.
In his capacity as lawful representative of the company, he was also to sign for all disbursements on facilities granted to the company, to sign all deeds, letters, invoices, applications, contracts settlements, notarial notices and any other documents that were in any way related to Danadams Pharmaceuticals Industry Limited by BID.
He was to be liable for wilful misconduct or failure to act in good faith while acting under the Power of Attorney.
It is clear that the accused relied on the forged escrow letter to induce EBID to grant the loan and in so doing sought by false pretences to claim that there was US$340,000 in the said account.
He also used forged letters of credit, customs documents and a legal mortgage that had been encumbered prior to being used for the BID loan to induce EBID to part with the loan amount.
He did not even have any contracts with the Indian company that he claimed he was importing the production equipment from.
However, the accused exhibited all of these documents to BID who relied on them and as a result were induced to part with the loan. It is on the basis of the foregoing that the accused has been arraigned before this honourable court.
Source: Starrfm.com.gh
