The ongoing corruption probe into Kwabena Adu-Boahene, the former Director-General of the National Signals Bureau (NSB), has uncovered a vast network of hidden properties, suspicious bank transactions, and offshore investments allegedly linked to stolen state funds.

According to Attorney-General and Minister of Justice, Dr. Dominic Ayine, Adu-Boahene embezzled millions of dollars from a cyber defense contract meant to strengthen Ghana’s national security infrastructure. Instead, the funds were funnelled into real estate investments and secret accounts in Ghana and abroad.

Fraud Scheme: How Adu-Boahene Stole Millions

Investigations reveal that Adu-Boahene used a private company, BNC Communications Bureau Limited, which he secretly co-owned with his wife, to siphon funds from a $7 million government cybersecurity contract. The deal, signed in 2020 with Israeli firm ISC Holdings Limited, was intended to protect Ghana from cyber threats, data breaches, and digital espionage.

However, while an initial payment of $1.75 million was transferred to the Israeli firm, the remaining $5.25 million disappeared into a complex web of fraudulent transactions.

Authorities have now compiled a detailed list of properties, luxury vehicles, and financial accounts suspected to have been acquired through money laundering and fraud.

Assets and Transactions Under Investigation

Luxury Real Estate in Ghana and Abroad

• Three multi-million-dollar mansions in East Legon, Accra

• A beachfront property in Ada

• Luxury apartment complexes in Cantonments and Airport Residential Area

• High-end properties in Dubai and London

Bank Accounts & Offshore Transactions

• Multiple accounts at Fidelity Bank, Ecobank, and UMB linked to suspicious transfers

• Over $3 million traced to offshore accounts in the UAE and the UK

• Large cash deposits flagged as suspicious under Ghana’s anti-money laundering laws

Luxury Vehicles & High-Value Assets

• Two Range Rover SUVs and a Mercedes-Benz G-Wagon

• A collection of high-end watches and jewelry worth over $500,000

• Shares in multiple local and international companies acquired with questionable funds

What’s Next for the Former NSB Chief?

The Economic and Organised Crime Office (EOCO) is now moving to seize assets suspected to have been acquired with illicit funds, while the Attorney General’s office is pursuing criminal charges against Adu-Boahene and other individuals linked to the scandal.

This case is expected to set a major precedent in Ghana’s fight against high-level corruption, with calls for stricter financial oversight in national security contracts.

With Adu-Boahene already under arrest and more high-profile figures expected to be implicated, the scandal is shaping up to be one of Ghana’s biggest financial crime cases in recent years.