An Accra Circuit Court on Tuesday granted Edmund Asamaoh, a businessman, a bail of GH¢60,000.00 with three sureties, two to be justified.
He is to re-appear on February 25.
The accused, who was charged with 84 counts of stealing and one count for operating a financial institution without authorization from Bank of Ghana, pleaded not guilty to the charges.
Assistant Superintendent of Police Peter Nsoh prosecuting told the court presided over by Justice Francis Obiri that the accused is the owner and manager of Early Fax Financial Service based at Tudu in Accra.
He said investigations revealed that the accused was operating the financial institution without certificate or licence from the Bank of Ghana.
“It also came to light that 84 persons had deposited respective sums of cash amounting to GH¢49,815.00 and the accused cannot give any tangible reasons for the whereabouts of the cash,” he said.
He said the institution had been in operation about two years before the incidence.
The prosecution said the accused recruited some people, who went round and convinced individuals, especially business operators within the central business district of Accra to open account with the firm.
He said these individuals made daily contributions to field banker employed by the accused which were then deposited into the firms account.
ASP Nsoh said the clients made respective contributions, which ranged between GH¢16.00 to GH¢ 5,750.00.
He said during the month of November 2012, clients were not able to withdraw cash and the accused could not give any reason for the situation.
Prosecution informed the court that the conditions persisted until November 22 when the clients who could no longer tolerate the excuses of the accused besieged the premises demanding the refunds of their monies.
“Police had information and moved to the premises and restored calm,” he added.
He said the accused was arrested and upon interrogation, he confessed to the offence but said he gave some of the money out as loans, but he was yet to be paid.