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    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    ‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah

    ‘Our IMF negotiations will be in best interest of Ghanaians’ – Oppong Nkrumah

    IMF team arrives in Ghana on Tuesday ahead of Wednesday’s bailout talks

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    President and Board Chairman of Afreximbank, Prof Benedict Oramah

    Plans are underway to complete fertilizer, railway projects in Ghana – Afreximbank

    Free SHS and other programs must be redesigned now – Seth Terkper

    KGL Group hosts Nigeria Lottery Regulatory Commission CEO Mr. Lanre Gbajabiamila

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    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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We’re cooperating with police- microfinance scam victims

bycitibusinessnews
August 11, 2016
in Government, Local Economy, Top Stories
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Some victims of the microfinance scam in the Volta region have disputed Police assertion that they are not cooperating with the investigation process to arrest the perpetrators.

The Police in the Volta Region yesterday told Citi Business News that the lack of cooperation by some victims is hindering the investigation processes.

According to the police, the microfinance institutions, which are mostly known as networks in the Volta region have concealed their activities making it difficult to apprehend the owners.

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But speaking to Citi Business News, some of the victims expressed shock at the assertions of the Police, stating that their cooperation have even resulted in the arrest of one person.

“The Police is aware of everything we are doing at the Volta region here. We are working hand-in-hand with the crime officer together with the Bureau of National Investigation(BNI) Director ,” the leader of the victims, Eric Asare told Citi Business News.

According to him, the cooperation with the Police and BNI have led to the arrest of an individual who is directly connected to one of the networks (microfinance institution).

“If the Police are saying we are not cooperating then they are telling lies, yesterday we went to the Regional CID and last week Saturday the regional CID arrested one of the network workers”.

He stated that the BNI is doing all it can to apprehend the network owners.

“The BNI are doing their best, yesterday we went with them to arrest another guy but we couldn’t get him. So if the Police are saying we are not cooperating it’s a lie”.

Mr. Asare disclosed that most victims have tried to furnish the relevant authorities with all the documents needed to investigate the matter.

“Right now, we have provided every document to the Police and the BNI and they are on it,” he said.

Another victim who bemoaned the announcement of the Police stated that they have always provided relevant information to the Police to arrest the network leaders.

“When I heard the news on Kekeli Radio in the Volta region that we are not cooperating I was shocked. It’s a lie. We are cooperating with the police,” he said.

Non cooperation claim by police

The Hohoe Municipal Police Commander, Superintendent Stephen Boadu told Citi Business News the Police are finding it difficult to apprehend the operators the networks due to non cooperation with the service.

“They’ve made the networks so tight in such a way that even if you are a victim, you are not prepared to share information with anybody because you are not willing to disclose what decisions you have taken that have not been successful,” he remarked.

Victims lose millions of cedis

Hundreds of people had their monies running into millions of cedis, locked up in the fake microfinance institutions called networks in the Volta region.

The victims have since resorted to various means to seek a refund of their investments.

BoG Response

The Bank of Ghana in a response to the issue at the time indicated that it has not licensed the institutions in question.

The central bank however assured that it is liaising with the security agencies to apprehend the defaulting companies.

The Public Relations Officer of the Bank of Ghana, Bernard Otabil has reiterated the BoG’s position that it cannot be held liable for the loss of investments made with unlicensed financial companies.

–

By: Lawrence Segbefia/citibusinessnews/Ghana

 

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