DKM Fiasco: Police Inundated With More Complaints

The Police say more people are lodging complaints in the case of the four Micro Finance Operators, said to have defrauded customers.

As a result, prosecution prayed an Accra Circuit Court to grant them time to expand their investigations into the matter.

DSP Abraham A. Annor made the revelations when in court when four micro finance operators appeared before the court.

The operators are Monica Afriyie and Noel Nortey, both directors of God is Love Fun Club, Charles Asum, a director of Jastar Motors, and Martin K. Delle, a director of DKM Diamond Micro Finance.

Monica and Noel, both Directors of God is Love Fun Club, have been admitted to bail of GHC 50 million each with five sureties, two to be justified. The two are to make security deposit of GHC 5 million each.

Charles Asum, a Director of Jastar Motors, was admitted to bail of GHC 20 million with three sureties, one to be justified. Asum is to pay GHC 2 million as security deposit in court.

In the case of Martin K Delle, a Director of DKM Diamond Micro Finance, he was admitted to bail of GHC 80 million with four sureties, two to be justified.
The court presided over by Mr Aboagye Tandoh ordered Delle to make a security deposit of GHC 6 million.

All the accused persons are to report to the Bureau of National Investigations until directed otherwise.

Meanwhile Mr Benoni Amekudzi one of the Defence Counsel for DKM had pulled out of the case citing protection of his career and integrity.

The four operators have pleaded not guilty to the charges of conspiracy and fraudulent breach of trust.

At the last sitting Prosecuting Deputy Superintendent of Police (DSP) Abraham A. Annor said all the suspects were operating micro finance companies.

DSP Annor said all the suspects informed various clients that when they deposit money at their companies, they would give them 50 per cent interest at the end of three months.

Prosecution said based on that information, complainants in the case made various deposits and three months later when they went for their monies, they found their offices locked and their whereabouts were unknown.

DSP Annor said a report was made to the Bureau of National Investigations (BNI) and the accused persons were arrested.

Investigations according to DSP Annor revealed that Monica and Nortey had taken deposits to the tune of GHC 100 million, Asum took GHC 20 million, and Delle GHC 80 million.

Prosecution said investigations are underway.

Background

A number of Ghanaians, especially in the Brong Ahafo and the northern regions, have fallen victim to a bunco scheme by the micro finance companies and lost their deposits.

The microfinance company was alleged to have invested GHC 77 million of its customers’ deposits in its subsidiary companies – DKM Airlines Company, DKM Fuel Station, DKM Transport, DKM Shea Butter Company and DKM Mining Company, among others.

Millions of cash deposits of customers of the DKM, Jastar Motors, God is Love Fun Club, Perfect Edge and others in the illegal savings business in the affected regions were locked up, following the BoG’s move in 2015 to stop the companies from operations due to their violations of the savings and banking laws and regulations.

Source: GNA