Director dragged to court over
two billion cedi fraud
Accra May 21, GNA – A Managing Director who
allegedly collected over two billion cedis under the
pretext of investing them but used it to set his own
firm on Monday appeared before the Greater Accra
Regional Tribunal.
Samuel Ralph Kwame Asamoah, pleaded not guilty to
carrying out business of banking without a licence
and defrauding by false pretences.
The tribunal admitted Asamaoh to bail in the sum of
two billion cedis with one surety to reappear on
June 14.
The case of prosecuting Assistant Superintendent of
Police (ASP) George Abavelim said the complainant
was Mr Kwame Acheampong Kyei, Managing Director of
Gemini Life Insurance Company.
Asamoah was an employee of Consolidated Discount
House (CDH) and a schedule officer in-charge of Mr
Kyei’s investments. He is also the Managing Director
of Newland Trust and Consultancy Limited.
In September 1996 Mr
Kyei started investing monies with CDH.Prosecution
said from time to time complaint invested his fund
by drawing cheques from his bankers to CDH.
As as result, CDH provided bi-annual and annual
returns on complainant’s investments.
Prosecution said during the last quarter of 1998,
complainant applied to CDH to de-invest part of his
funds and it came to light that his investment had
dwindled considerably.
It came to light that accused had used his position
and without the complainant’s concern transferred
523,825,340 cedis into his private account.
Asamoah alleged that he used the money to open a
private company known as Newland Trust and
Consultancy and the firm had the prospect of
yielding higher returns than CDH.
Unknown to complainant, Newland Trust and
Consultancy Limited was not licensed by the Bank of
Ghana to carry out business.
As at September 2003, accused could not provide the
complainant with his monies totalling 2.1 billion
cedis.
GNA
