Sham Financial Institution Swindles Journalist

Stories by Helena Selby

The managers of the Shining Star Financial Service Limited are standing trial at an Accra circuit court for allegedly absconding with monies paid to them by their customers.

Isaac Gyamfi, Managing Director, Samuel Ohene, General Manger, Agyemang Baffour, at large, and Bediako, also at large, are said to have abandoned their office and disappeared with the money of a journalist who was a customer.

The accused persons are alleged to have accepted a deposit of GH¢12,000 from the said journalist, with the promise of adding an interest of GH¢210 to it every month, but failed to do so, some months after the deposit.

They were arrested by the police, and upon investigations, it was came out that the financial institution had no license for its operations from the Bank of Ghana.

The first and second accused persons, who were present in court and pleaded not guilty to the charge of carrying on business of banking without a license, contrary to section 4 (1) of the Banking Act 2004 act 673, before the court presided over by Mrs. Patience Mills-Tetteh.

They were admitted to bail in the sum of GH¢20,000, with two sureties, and expected to re-appear before the court on March 14, 2013.

The facts of the case are that on July, 2010, the complainant deposited a sum of GH¢12,000 with the assurance that he would receive an interest of GH¢210 every month.

The Prosecutor, ASP E.S.S. Koranteng, told the court that the accused persons paid the interest for just two months, abandoned their office and bolted with the outstanding GH¢11,850.

He said a complainant was lodged with the police leading to the arrest of the accused persons, adding that in the course of the investigation, it was discovered that the accused persons operated the institution without a license from the Bank of Ghana.

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