Four microfinance managers granted bail
Four managers of microfinance companies who are alleged to have misappropriated funds belonging to their clients have been granted bail in the sum of GH¢200 million by the Accra Circuit Court.
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They are Monica Afriyie, the Chief Executive Officer (CEO) of God is Love Fun Club; Nortey Noel, a businessman and associate of Monica; Charles Asum, the Founder of Jastar Motors and Investment Company, and Martin K. Dele, the Director of DKM Microfinance Company.
Monica and Nortey were each granted GH¢50 million bail with five sureties, two to be justified.
They were also ordered to deposit GH¢5 million each as security.
Asum was bailed in the sum of GH¢20 million with three sureties, one to be justified. He was further directed to make a security deposit of GH¢3 million, while Dele was granted GH¢80 million bail with four sureties, two to be justified.
He is to deposit GH¢6 million as security.
All the accused persons were ordered to report themselves to the Bureau of National Investigations (BNI) on Thursdays.
The court, presided over by Mr Aboagye Tandoh, adjourned the case to February 4, 2016.
Pleas
Monica, popularly called Maame Korkor, and Nortey have pleaded not guilty to two counts of agreeing to act together to commit crime and dishonestly appropriating cash of GH¢50,000 which was invested by a man identified as Adam Jagoi.
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Asum, who is facing the same charge for appropriating GH¢¢22,500 which was invested by a man identified as Stephen Yaw Boateng, also pleaded not guilty.
Dele pleaded not guilty to one count of fraudulent breach of trust.
Facts
According to the prosecution, the accused persons convinced their clients with a 50 per cent interest offer on investments in three months.
Based on the information, a number of people were said to have deposited various sums of money in the suspects’ companies.
However, on the maturity dates, the clients found the offices of the suspects locked up when they went to collect their money.
A report was then made to the BNI, since the suspects could not be traced.
In the course of investigations, it was found that Monica and Nortey had allegedly collected money from a number of clients to the tune of GH¢100 million, while Asum was alleged to have collected GH¢20 million.
Dele, who is at large, is claimed to have collected GH¢80 million.
Lawyers for the accused persons claimed their clients were innocent.