Bishop Obinim was said to have demanded the said amount from a man whose name is not known yet and promised to assist him to collect GHC78,000 from a fetish priest, Okomfo Gyakpata.
But the lawyer for the pastor, Mr Samuel Atta Akyea, has told Accra FM that his client knows nothing about the alleged fraud.
Obinim who spent Tuesday night in the cells of the Criminal Investigations Department of the Ghana Police Service at the headquarters of the law enforcement agency in Accra was transferred to the Nima Police Station on Wednesday morning.
Hundreds of his church members have since massed up at the police station to demand his release.
Meanwhile, Bishop Obinim and one of his associates have also been charged with assault after flogging two teenagers in his church last Wednesday for fornication.
The PRO for the Tema Regional Police Command, ASP Juliana Obeng who confirmed this to Pulse.com.gh the two were handcuffed after they reported to the Domestic Victims and Violence Support Unit, (DOVVSU) in Tema on Tuesday morning.
The controversial pastor who was angered by a couple’s amorous activity in his church which has led to a pregnancy took apparently the law into his hands and lashed the young man on his bare back before turning to the girl flogging her mercilessly with a belt in the full glare of his congregation.
Throughout the punishment, Obinim is heard questioning the jobless young man why he got the girl pregnant when he has no finances for her upkeep and the upbringing of the unborn child.
The girl who was unable to stand the flogging attempted to escape, but she was held by henchmen of the Bishop to enable the bishop mete out more beatings.
After subjecting the two to severe flogging for several minutes, Obinim ordered his junior pastors to remove their belts and subject the couple to more flogging.
Many have criticized Obinim for his actions, with Amnesty International calling for his arrest.
But the controversial pastor released a statement saying he flogged the two because they fornicated and tried aborting the pregnancy.
He said: "We have observed that some people with evil Agenda are using the video to castigate and spread false rumors about the Founder and General Overseer of International God's Way Church."
"We will not tolerate any negative commentaries on the said Video without any attempt to understand the content before,” a statement signed by Joseph Osei Oppong Brenya, Media aide to Bishop Obinim said.