Man jailed 10 years for banking fraud.
A man who operated a financial institution without a license from the Bank of Ghana and defrauded many people of huge sums of money in Bono Region has been jailed 10 years by a Sunyani Circuit Court.
The convict, Michael Owusu advertised Perfect Business Fun Club as a financial institution in Sampa, Berekum, Sunyani, Techiman and other towns in the former Brong Ahafo Region.
He received various sums of money from depositors to the tune of GH¢1,512,000 in 2015 until his arrest and prosecution started in 2017.
About 82 complainants, led by one Twenewaa Diana on March 3, 2017, petitioned the Director-General of the Criminal Investigation Department (CID) in Accra for investigation after the convict closed all offices of the said financial institution and bolted.
The national CID referred the case to the Bono Regional CID for investigation and on March 31, 2017, Michael was arrested at his hideout at Dansoman in Accra and brought to Sunyani to face trial.
He was, however, convicted on three counts of defrauding by false pretense, engaging in banking business without license, and money laundering.
Prosecuting, D/PL Adams Mahamud told the court presided over by His Lordship Sylvester Nii Abloh that the convict somewhere in 2015 advertised Perfect Business Fun Club as a financial institution in Berekum.
He stated that if one deposited money in two months, one would receive 70% interest, convincing unsuspecting customers to start depositing various sums of money.
He said customers were deceived by fake certificates from the Bank of Ghana and the Registrar-General’s Department displayed on the premises.
After his arrest, he admitted in his caution statement to receiving various sums of money from customers, and was slapped with 85 counts.
The convict revealed he transferred $531,000 to CFH Cleaning and $25,000 to Expro Finance Services Limited, all financial institutions in the United Kingdom. According to prosecution, documents relating to the transfers were retrieved as part of the investigation.
The convict, after receiving the money from customers, deposited it in various banks in the country, but later withdrew it.
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Further investigation from the Bank of Ghana revealed that Perfect Business Fun Club was not licensed to operate as a financial institution, and he was consequently slapped with the jail term.
