Michael Kumi Arhin, a former loan officer at Afro Arab Company Limited has been charged with orchestrating a massive theft scheme, alongside two accomplices. The accused reportedly stole GH¢252,923.92 from the company.
Arhin, along with former finance manager, Michael Assibu and ex-teller Grace Adade – who remains at large – faces charges of conspiracy to commit theft.
The case was brought before the Dansoman Circuit Court on July 29, 2024 with Her Honour Halimah El-Alawa Abdul-Baasit presiding.
Both Arhin, 36 and Assibu, 41, have pleaded not guilty to the charges. Their defense counsel sought bail, arguing that the accused have complied with prior bail terms and are not flight risks. While the prosecution did not oppose the bail application, requested for stringent conditions due to the ongoing search for Adade.
The court subsequently granted bail of GH¢300,000 each, with three sureties, including one justifiable by title deeds. The accused are required to report to the police station bi-weekly.
According to court documents, the fraudulent scheme unfolded between July 2022 and January 2023 in Kokomlemle, Accra.
Arhin allegedly created a fictitious account for his girlfriend, Ruth Adoraah, with the help of Adade and the approval of Assibu.
Large sums were credited to this account and subsequently withdrawn and divided among the conspirators.
In December 2022, Assibu resigned, fearing detection of their illegal activities.
The scheme unraveled in January 2023 when Gabriel Quaye, the new finance manager, discovered Assibu’s continued access to company accounts despite his resignation.
An internal audit revealed additional fictitious accounts, confirming the total theft amount of GH¢252,923.92.
Following the revelation, the police arrested Arhin and Assibu. Both admitted to the theft and returned GH¢72,000 to the company.
However, Adade remains at large and a bench warrant has been issued for her arrest.
The case will return to court on October 14, 2024 for case management conference.
