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Crime & Punishment Thu, 22 Mar 2012

An investment banker before court for an alleged fraud

Moses Moss-rich, an Investment Banker who allegedly collected GH¢182,500 from William Quartey, a Chartered Accountant, under the pretext of procuring Letters of Credit to purchase 25,000 metric tonnes of sugar worth $9 million dollars, on Thursday appeared before an Accra Circuit Court.

He pleaded not guilty to two counts of defrauding by false pretences and forgery of documents.

He was remanded into police custody to re-appear on March 30.

Police Chief Inspector Charles Chester said in August, 2009 the complainant, Quartey, wanted to purchase 25,000 metric tonnes of sugar worth $9 million dollars and approached Moss-rich Limited to raise financial instrument for the business.

He said the complainant paid various sums of money totaling GH¢182, 500 for Letters of Credit into Moss-rich's account at the Stanbic Bank.

Chief Inspector Chester said the money was converted by Stanbic Bank and transferred into two private companies’ accounts, Finance Asia Limited and Shoba.

He said after the transfers, the purported Letters of Credit were issued to the supplies bank in Spain namely Banco Espanyol Du Credito by Dubia Bank of Kenya instead of Standard Chartered Bank of New York, USA.

The prosecutor said when the Letters of Credit were presented to the supplier bank it was rejected as null and void.

Chief Inspector Chester said in view of all this, the complainant made strenuous efforts to retrieve the money from the accused but he failed and went into hiding.

He said the complainant therefore, reported the matter to the Police and the accused was traced to his hideout and arrested.**

Source: GNA