We’re cooperating with police- microfinance scam victims

A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar. Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange. AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

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.

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.


Source: citifmonline