Bitcoin Tower: Six Million Euros Missing – or a Story Full of Contradictions?

Written by: Seringe S.T. Touray

Further Criminal Complaint Against Ebrima Solomon Tamba and Marcel van Andel Raises Questions About Public Fraud Allegations, Contradictory Statements and the Role of the Gambian Police

How can allegations involving more than six million euros be reconciled with financial records showing combined revenues from two construction projects of about €5.56 million at the time? This question lies at the heart of a new criminal complaint filed by Austrian architect and entrepreneur Manuel Stofleth-Mitterer against his business partners Ebrima Solomon Tamba and Marcel van Andel.

The dispute concerns the real estate projects The Edge and Bitcoin Tower, developed by Kasumai Real Estate. Manuel and his wife, Angelika Mitterer, together with international investors, have invested several million euros in The Gambia. Since 2025, the business partners have been involved in several legal disputes.

On 26 December 2025, Tamba and van Andel issued a joint statement that was sent to apartment owners and investors. In it, they accused the couple of harming Kasumai through a deliberately planned fraudulent scheme, concealing apartment buyers and using company funds for personal purposes.

In April 2026, Tamba repeated similar allegations to JollofNews. He described both as fraudsters and claimed that Manuel controlled more than six million euros from the Bitcoin Tower project and had invested these funds in cryptocurrencies without the knowledge of his business partners.

However, the financial records raise questions. A report dated 28 June 2025 shows revenues of €2.69 million for The Edge and €2.87 million for Bitcoin Tower – a combined total of approximately €5.56 million. These figures represent an interim financial position and do not exclude subsequent revenues.

The construction progress is also visible: The Edge has been completed and has been operating since April 2025. At Kasumai Junction, the structural shell of the 18-storey Bitcoin Tower is already standing. Both projects demonstrate that substantial funds have been invested in the developments.

As early as 4 July 2025, Manuel had provided his business partners with financial reports and information about apartment buyers. An Ecobank statement also documents a buyer’s payment of €196,327 into the company’s bank account on 26 June 2025. This shows that at least one further payment from a buyer had been received into that account, contrary to the broader claim that no further buyer payments had been received.

Tamba’s statement that Manuel had initially contributed none of his own money is also called into question by a transfer dated 5 October 2022: Manuel and Angelika transferred 6,625,000 dalasi from their private bank account to Kasumai Real Estate to enable construction of The Edge to begin.

Further questions concern the operation of The Edge. According to Manuel, Tamba and van Andel took control of the apartment building in December 2025 with the assistance of local employees. Under the shareholders’ agreement, however, Manuel is responsible for personnel. The apartment owners had granted their powers of attorney for rental management to Angelika, who had established the operations, including the website, booking organisation and marketing.

Tamba publicly claimed that the owners had withdrawn these authorisations. Manuel disputes this, saying that as of 20 October 2026, the authorisations remained in place. He further maintains that rental income has been under the control of Tamba and van Andel since the takeover, while questions remain over the accounts through which the income is being processed and the amounts paid to apartment owners.

The presentation of a loan is also contradictory. In their statement, Tamba and van Andel described €150,000 as company funds. A promissory note dated May 2023, however, documents a personal loan of €165,000 granted by Manuel to Tamba. Tamba himself publicly confirmed this loan in April 2026. Civil proceedings concerning the matter are now ongoing.

Another contradiction concerns a reported burglary at the couple’s residence in June 2025. Tamba and van Andel claimed that Manuel had fabricated the incident to implicate Tamba. Tamba later stated publicly that he had only learned of the incident through a journalist’s enquiry.

However, as early as 4 June 2025, Tamba referred in a WhatsApp message to the police case, his contacts with police officers and a possible meeting to resolve the matter. Manuel also reports that Tamba was present at Brusubi Police Station on 2 June. This does not prove any involvement in the burglary, but it raises questions about Tamba’s later account.

Questions also arise over the role of JollofNews journalist Momodou Justice Darboe. In a telephone conversation with The Fatu Network on 13 May 2026, Darboe said he handled communications for Tamba at the Kunta Kinteh Beach Complex at the time. He also confirmed that he was the person who had replied to messages The Fatu Network sent to Tamba before its earlier publications. Was this communications role disclosed to readers when JollofNews published Tamba’s allegations?

Finally, Tamba publicly accused the couple of obstructing police investigations and refusing access to electronic devices. However, on 10 June 2026, the Banjul Magistrate’s Court found that both had complied with the relevant court order and acquitted them of the contempt charge. The court did not rule on other financial allegations.

The criminal complaint calls for a legal examination of the publications. Whether knowingly false accusations were disseminated has not yet been established.

How can the six-million-euro allegations be reconciled with the financial records and construction progress? Why do earlier messages and payments appear inconsistent with later statements? How has The Edge’s rental income been handled since the change in control? And which of these issues have the police investigated?

Tamba previously disputed the allegations, denied responsibility for Kasumai Real Estate’s financial management, and accused Manuel of concealing apartment-sale proceeds and diverting more than €6 million into cryptocurrency without the knowledge of the other shareholders. He did not provide The Fatu Network with supporting evidence for that claim.