Ex-Absa Bank Employee Jailed for 10 Years Over GH₵1.2 Million Fr@ud Scheme

A former contract employee of Absa Bank Ghana, Emmanuel Sakyi Afriyie, has been sentenced to 10 years in prison for orchestrating a large-scale fraud that siphoned over GH₵1.2 million from customer accounts.

The High Court in Accra convicted the 25-year-old Afriyie on several charges, including fraudulent electronic fund transfers, stealing, unauthorized tampering with electronic records, and money laundering.

The court’s verdict was delivered on Tuesday, with Presiding Judge Justice Ruby Aryeetey outlining how Afriyie used his position at the bank to manipulate Visa card information and divert funds between March and June 2023.

Afriyie’s scheme unraveled when airport authorities intercepted him and his girlfriend, Cecil Nyamesem Agyarkwa, at Kotoka International Airport on June 4, 2023.

The pair was preparing to board a flight to Dubai, and investigators later traced fraudulent transactions linked to Afriyie, though he continued to claim his innocence during the trial.

The court handed Afriyie staggered sentences across four charges, amounting to 25 years.

However, these sentences will run concurrently, with Afriyie’s maximum prison term set at 10 years, with hard labor.

In its ruling, the court emphasized the gravity of breaches within the banking sector, calling the case a stark warning to financial insiders who abuse their system access for personal gain.

In a separate ruling, Agyarkwa, a 22-year-old student initially charged with conspiracy to steal, was acquitted after prosecutors failed to provide sufficient evidence to link her to the fraud.

The judge called her acquittal “swift and unambiguous,” as there were no direct ties to the fraudulent activities.

The case has highlighted the growing scrutiny on digital financial crimes in Ghana, especially those involving trusted employees within financial institutions.

Banking analysts believe the case may encourage banks to implement tighter internal controls to prevent future breaches, as public trust in financial institutions has been damaged by this and similar incidents.

While the ruling has been lauded as a deterrent to others considering similar schemes, some experts argue that the 10-year sentence may not be enough given the scale of the damage caused.

An Accra-based financial crime researcher suggested that the ruling should prompt discussions about more appropriate sentencing guidelines for digital-era theft.

As Afriyie begins his term at Nsawam Medium Security Prison, the case raises questions about accountability in Ghana’s rapidly digitizing banking sector, and whether banks will face greater scrutiny for vulnerabilities that rogue employees might exploit.