Mpraeso court issues warrant for arrest of illegal financial institution operators

The Mpraeso circuit court presided over by Mr. Kwaku Osei, on Thursday issued a bench warrant for the arrest of three top officials of Top Mount Financial (TMF), a non banking financial institution, for operating without a license from the Bank of Ghana.

They were charged for operating a non- banking financial institution without a license from the Bank of Ghana and defrauding by false pretence.

They are Mr. Abel Changtra, a Director, Mr. Stephen Yeboah, an Accountant and Ferguson Osafo, a Manager, all officials of TMF operating at Maame Krobo and Donkorkrom in the Kwahu North District.

Prosecuting, Detective Inspector Christian Apronti told the court that, about three years ago, TMF started operating in the Kwahu North District with agencies at Maame Krobo and Donkorkrom.

He said they informed the people, mostly farmers to deposit their monies with the financial institution and within three months, they would be granted loans to expand their farming business which some 120 farmers deposited their monies.

The prosecutor said in August 2011, officials of TMF at Maame Krobo met one Mr. Martin Kwame and convinced him to deposit some amount with TMF to assist him to purchase a tractor on a hire purchase basis.

He said the farmer deposited GH¢ 7,900 but TMF failed to assist him to purchase the tractor and all efforts to get his deposit paid to him failed.

The farmer reported the case to the Donkorkrom police who later arrested the officials and charged them with the offence but they failed to appear before the court.

TMF also failed to grant loans to the over 120 customers in the district who deposited their monies with the company.**