Financial Analyst appears in court for fraud

A Financial analyst who allegedly took $360,650 to secure letters of credit with the face value of $3,937,500 and failed has appeared before an Accra Circuit Court.

James Aborgah charged with defrauding by false pretences pleaded not guilty.

The court presided over by Mr Aboagye Tandoh admitted Aborgah to bail in the sum of GH¢1.2 million with three sureties to reappear on May 31.

Prosecuting Chief Superintendent of Police Duuti Tuaruka told the court that the complainant Mr Agyare Samuel Somuah is a businessman residing in Accra. The accused person is the Chief Executive Officer of Liquidity Limited located at Adabraka.

Prosecution said within the month of August last year, the complainant had a business deal to import 2.5 metric tons of refined sugar from Brazil to Ghana but lacked  the financial backing to import the said huge quantity of sugar.

The complainant was then directed to one Rexford Amankwah who contacted the accused person to assist them get letters of credit together with collateral to the tune of $3,937,500 his investment office at Adabraka.

On August 11 last year, prosecution said complainant in the company of his business partner Kweku Adjei and Rexford Amankwah met in the accused person’s office.

The accused assured them that he could assist the complainant to obtain the letters of credit with the face value of $3,937,500 as collateral to enable him import the refined sugar from Brazil to Ghana within two weeks after the complainant pays a facility processing fee of 360,650 dollars.

To facilitate the payment, Aborgah gave the complainant his Unibank account at Makola branch to effect payment.

The complainant, the prosecutor said became convinced and paid the fee into Aborgah’s account.

However, Chief Supt. Tuaruka said Aborgah after receiving the money failed to provide the letters of credit as promised and began giving excuses.

Also, prosecution said Aborgah also failed to refund the facility processing fee of 360,650 dollars paid in his account to the complainant.

On May 3, this year, a report was made to the Police and Aborgah was arrested.

Source: GNA

Leave A Reply

Your email address will not be published.