Prime News Ghana

Man jailed 20 years in GH¢20 million investment fraud case

By Mutala Yakubu
The convict, Hassan Fuseini
The convict, Hassan Fuseini

The Wa High Court has sentenced one Hassan Fuseini to 20 years in prison for defrauding under false pretences.



The convict, alias Inner, said to have been selling second-hand clothes, set up a micro-finance company, Western Investments, promising a 100 percent return on investments as well as cars, motorbikes and television sets to the first batch of depositors.

The scheme, which yielded about GH¢20 million worth of investments from clients, is said to have affected about 200 people in Wa and its environs.

The convict and his three accomplices; Abdul Raman Osman, Osman Safron Laryea and Abdulai Bayis, abandoned post and went into hiding after failing to meet their obligations to clients.

They were arrested in 2014 and put before the court.

They initially pleaded not guilty to the charges of conspiracy to defraud under false pretences and defrauding under false pretences.

However, the court presided over by Justice Kwesi Boakye found them guilty of both counts and handed Inner a 20-year jail term.

His accomplices whom he used to mobilise the funds were also fined GH¢4,800 or in default spend five years in prison.

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Source: graphic