Three microfinance operators before court for allegedly appropriating funds of clients
Three persons arrested by the Bureau of National Investigations (BNI) in connection with the operation of some microfinance companies have appeared before an Accra circuit Court.
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They are Monica Afriyie, Chief Executive Officer (CEO) of God Is Love Fun Club, Nortey Noel, a businessman who is also an associate of Monica, and Charles Asum, the founder of Jastar Motors and Investment Company.
A fourth accused person, Martin K. Dele, the Director of DKM Diamond Microfinance Company, is, however, on the run.
Plea
Monica Afriyie (popularly called Maame Korkor) and Nortey 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.
Asum, who is also standing trial for dishonestly appropriating GH¢22, 500 which was invested by a man identified as Stephen Yaw Boateng, also pleaded not guilty.
They were remanded in the custody of the BNI to reappear next Thursday January 14.
Facts
Prosecuting, Deputy Superintendent of Police Mr Abraham A. Annor asked the court, presided over by Mr Aboagye Tandoh, to remand the suspects to enable the police to carry out further investigations into the case.
According to him, the accused persons convinced their clients that they offered 50 per cent interest 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 monies.
A report was then made to the BNI, since the suspects could not be traced.
In the course of investigations it was found out that Monica and Nortey had allegedly collected monies from a number of clients to the tune of GH¢100 million while Asum was also alleged to have collected GH¢20 million.
Martin, who is at large, is said to have collected Gh¢80 million.
Counsel
However, the counsel for Monica and Nortey, James Marshal Belieb, argued that his clients were not microfinance managers but operated a fun club.
He, therefore, prayed the court to grant them bail, since they had no criminal records. He said they also owned investments in the country.
The lawyer for Asum, Lamtiig Apanga, indicated that his client had started making payments to some of the clients and that keeping him in custody would make it difficult for him to continue with the payments.
The judge, however, remanded the suspects in the custody of the BNI.
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