MD of micro-finance company in court for alleged fraud

Mr Stephen Wuni, Detective Inspector of Police, told the court (presided over by Mr Owuahene Acheampong) that Venator established the company at Aflao—with a branch at Denu—to offer credit and other financial services to clients.

He said the company collected money from clients, with the highest amount being GH¢14,100, over a period to enable them  to qualify for loans from the company.

Mr Wuni said between January 2011 and October 2012, the company could neither grant the loans nor refund clients deposits to them.

He said clients found that both the Aflao and Denu offices of the company had been closed and Venator and his staff were nowhere to be found. Sometime in October 2012, a client saw Venator and caused his arrest.

Mr Wuni said 200 people had lodged complaints of fraud against Venator following his arrest.

He said managers and staff of two other companies operating a similar business were being investigated.

GNA