Abraham Venator, Managing Director of Living Micro-Finance Company based at Aflao, is before the Aflao Circuit Court for allegedly defrauding dozens of clients.
Venator, 38, pleaded not guilty to 84 counts of fraud and been granted bail in the sum of 25,000 Ghana cedis. He is to return to the court on March 15.
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 moneys from clients with the highest amount being Ghc 14,100.00 over a period to enable them 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 both the Aflao and Denu offices of the Company closed with Venator and his staff nowhere to be found until somewhere in October 2012 when a client saw and caused his arrest.
Mr Wuni said 200 people have lodged complaints of fraud against Venator following his arrest.
He said the managers and staff of two other companies operating a similar business are being investigated.