CEO in another micro-finance scam

LawRichard Appiah, the Chief Executive Officer of Prime Hedge Investments Limited has been hauled to the Financial and Economic Court (High Court Division) for allegedly defrauding 154 persons and companies under the pretext of investing their monies for them.

Appiah is alleged to have collected over GH¢5 million and other foreign currencies from his clients under the pretext of investing them between the period of six to one year and pay interest of four to 10 percent on the monies deposited.

He has pleaded not guilty to 154 counts of defrauding by false pretences.

The court presided over by Mrs Afua Asare-Botwe admitted Appiah to bail in the sum of GH¢7 million with three sureties two of whom are to be justified.

He is to provide the court with original documents of his business transaction for authentication and report to the Police every Monday and Thursday.

He is expected to reappear on May 23.

Mrs Winifred Sarpong a State Attorney told the court that the prosecution would be calling about 30 witnesses. According to her people were still lodging complaints with the Police.

His counsel Mr George Asamaney told the court that his client had paid about one million cedis to some of the complainants.

According to counsel, efforts were being made to collate all the investments totaling over GH¢4 million to pay the complainants.

Prosecution contended that Appiah whose company was located at Sakumono in Accra had no licence to operate banking business.

Appiah is alleged to have collected monies as deposits and paid interest between four to 10 per cent in six to 12 months.

He is said to have paid interest promptly when he commenced business and as such won the confidence of his clients.

However a client who deposited his GH¢16,000 with the  institution could not be paid his principal and interest and therefore lodged a complaint with the Police which led to the arrest of Appiah.

Following his arrest, 154 people have so far lodged complaints claiming that he had collect between GH¢1,000 to GH¢250,000 from individuals and companies but failed to refund their monies.

Source: GNA

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