Micro-Finance Manager In Court …For Operating Unlicensed Financial Institution
By Helena Selby
The accused person, Edmund Asamoah, who is also the owner of the Early Fax Financial Service located at Tudu, a suburb of Accra, allegedly recruited people to go round and convince various businesses to open accounts with the institution.
The workers of the accused person allegedly succeeded in recruiting 84 people, who deposited monies ranging between GH¢16 and GH¢5,750.
Edmund Asamoah allegedly used the monies of his clients as loan for other clients and became impossible for them to withdraw money for their various businesses.
He was arrested by the police after the clients had gone there in their numbers to demand for their monies.
The accused person, thereafter, confessed to the police during interrogation that the said financial institution had not been registered with the Bank of Ghana.
He pleaded not guilty to one count of operating non-bank financial institution without certificate, contrary to section 26 of PNDCL 328 and 84 counts of stealing, contrary to section 124 (1) of criminal offences act 29(19/60) as amended by paragraph 4 of NLCD 398.
He was, therefore, admitted to bail by the court, presided over by Mr. Francis Obiri and expected three sureties, two to be justified as part of the bail condition. Edmund Asamoah is expected to re-appear before the court on February 25, 2013.
The facts of the case are that during November 2012, the clients of the said financial institution were not able to withdraw money and the accused person could not give any reason for the situation.
According to the Prosecutor, Chief Inspector Nsoh, the situation persisted until November 22, 2012, when the clients, who could no more tolerate the excuses of the accused person, besieged the premises, demanding for their funds.
The prosecution indicated that the police had information and subsequently moved to the premises to restore calm, adding that the accused person was arrested and during interrogation, he confessed taking monies from the complainants.
He said the accused person also stated that he gave some of the monies out as loans, but those he lent the money to have not yet paid, hence the inability to pay the complainants.
“Investigation also disclosed that the accused person was operating the financial institution without certificate or license from the Bank of Ghana. It also came to light that 84 persons had deposited respective sums of money amounting to GH¢49,815, which the accused person could not give any tangible reason as to the where about of the money”, the prosecutor told the court.
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