A bombshell petition has landed on the desk of the Economic and Organised Crime Office (EOCO), accusing prominent oil and gas magnate Kevin Okyere and his associates of orchestrating a staggering $90 MILLION fraud
The explosive allegations, detailed in a petition filed by Alberto G. Salsiccia, CFO of Petraco Oil Company SA, paint a picture of “organised criminal deception” involving two Ghanaian companies: Springfield Exploration & Production Limited and GMP Energy Limited.
The petition, dated May 16, 2025, directly points the finger at Kevin Okyere, who it claims “controls the companies and presents himself as a prominent figure in Ghana’s oil and gas sector.”
Also implicated in the alleged scheme are Geena Malkani Punjabi and Emmanuel Ansah Bernasko, described as key players in the alleged criminal enterprise.
The New Republic intelligence is unveiling an intricate cartel made of some agency officials who may have abetted in the commission of the alleged fraud against the swiss based company, Petraco.
Petraco alleges that despite initially reporting the matter to the Criminal Investigations Department (CID), the suspects have brazenly “evaded proper investigation” by falsely claiming to be out of the country and dismissing the monumental accusations as mere “civil” disputes linked to ongoing arbitration in Dubai and London.
Two-Pronged Deception Unveiled
The petition outlines two interconnected fraudulent operations:
Scheme 1: Petroleum Products Rip-Off – A $30 Million Betrayal
This jaw-dropping scheme, allegedly involving GMP Energy Limited (formerly GMP Investments Limited), centres on the fraudulent retention of 35,113.098 metric tons of gasoline 91 RON, valued at a staggering $30,801,133.99
Petraco claims GMP Energy, led by Geena Malkani, initially approached them, flaunting “strong institutional relationships with the Bulk Oil Storage and Transportation Company Limited (BOST).” Based on a contract, Petraco supplied products worth over $29 million.
But here’s the kicker: Despite BOST making full payment, Malkani, Okyere, and Bernasko allegedly “deliberately concealed” the receipt of these funds, concocting “systematic false representations” and even coordinating with “certain officials at BOST” to back up their lies.
Petraco shockingly reveals that both Geena Malkani and Kevin Okyere admitted to wrongfully retaining the funds during a face-to-face meeting in Accra on February 3, 2025.
Scheme 2: Unitisation Loan Fraud – A $63 Million Deception
The second, equally outrageous scheme, involves Springfield Exploration & Production Limited and the alleged fraudulent obtaining of loans totaling $50 million, now ballooning to $63,554,026 with accruals.
Petraco alleges Kevin Okyere sought a loan, claiming a “unitisation project” with Eni Ghana Exploration & Production Limited was “imminent and certain.”
He allegedly promised guaranteed returns and repayment from crude oil proceeds.
Springfield drew down the first $50 million tranche in two disbursements.
A crucial condition was that if unitisation didn’t happen by August 7, 2024, the $50 million would be repaid.
However, Petraco now claims they’ve uncovered a web of lies: the company and its officers allegedly knew unitisation was highly unlikely, key approvals were false, and the loans were obtained through “calculated deception” and never used for the project.
They assert Springfield and its officers “never intended to pay back the loan utilized.”
Obstructing Justice?
The petition dramatically claims that Geena Malkani, Emmanuel Ansah, and Kevin Okyere have “deliberately obstructed justice” by refusing to cooperate with investigations, falsely claiming the matter is purely civil, and even “using Kevin Okyere’s high-level connections to delay and impede criminal investigations”
Ghana’s Reputation on the Line
Petraco emphasizes the “significant implications for Ghana’s international reputation,” warning that without EOCO’s intervention, Ghana’s attractiveness for “legitimate foreign investment is at risk.”
The international business community, they claim, is “closely watching how Ghana handles such cases.”
The company is urging EOCO to launch a formal investigation, freeze assets, obtain financial records, and coordinate with international agencies to prevent further dissipation of funds.
This developing story promises to send shockwaves through the business and political landscape.
Our investigators are following with eagle eyes how the Economic and Organized Crime Office unpacks this alleged multi-million dollar mystery? Only time will tell.