Accra Circuit Court holds businessman for fraud

Accra, Aug. 31, GNA - A self-styled businessman who allegedly collected daily savings also known as 93Susu" totalling GHc37,495 from 99 traders and artisans and absconded, appeared before an Accra Circuit Court on Monday.

Charged with fraudulent breach of trust, Bright Sam, Chief Executive Officer of Bright Future Investments Limited at Accra Central, has pleaded not guilty.

The court has, however, admitted him to bail in the sum of GHc50,000 with three sureties, one to be justified, and to reappear on September 13, 2010.

The court further ordered him to deposit his passport to the Registry of the Court.

Earlier, Sam's lawyer, Mr Richard Bobinson, has pleaded with the court to admit his client to bail to enable him to mobilize funds from some properties he intended to rent out and use the proceeds to pay the victims.

According to his counsel, Sam had a fixed place of residence and would not abscond.

Deputy Superintendent of Police (DSP) Kofi Blagodzi, said the complainants are traders and artisans living in various suburbs of Accra but operate their businesses within the Accra Central Business District, while Sam is based in Madina.

In the year 2009, Sam opened an investment company known as Future Investment Limited at Kantamanto and employed young men and women go round work places of the complainants to convince them to deposit daily savings also known as 93susu" with the company for a certain period, after which the complainants would be offered loans.

The complainants became convinced and saved to the tune of GHc37,495 from March 2009 to August 2010.

Prosecution said when the complainants went to ask for either their loans or their money, the Company gave several excuses.

The prosecutor said later the accused person closed down the company and went into hiding.

On July 23, this year a customer discovered Sam's hideout and informed the Police who arrested him.