The Economic and Organized Crime Office (EOCO) on Wednesday detained a Council of State Member and Founder and President of Groupe Ideal, Nii Kotei Dzani, for several hours before being released on bail.
The arrest is in respect of some GH¢700 million of depositors’ funds believed to be unaccounted for at Ideal Finance Limited owned by Nii Kotei Dzani, which formed part of the Groupe Ideal.
The Council of State man was invited by EOCO to assist them investigate following a case levelled against Ideal Finance Limited by some depositors.
He then reported himself on Wednesday afternoon with his lawyers but was detained and kept at Cantonment Police Station for hours as part of the investigation.
According to sources, he is being quizzed about how depositors’ funds in excess of GH¢700 million were utilized under his management.
The EOCO Boss, COP (Rtd) Mr. Frank Adu Poku, confirmed the arrest and said Ideal Finance Limited is part of 62 other microfinance companies and savings and loans companies being investigated by EOCO for their involvement in mismanaging depositors’ funds.
He said EOCO in the course of its investigations had identified a common trend in the operations of most of the microfinance and savings and loans where their modus operandi have been to collect cash from depositors but are not able to pay them back when it is due.
He said several of such cases had been reported to EOCO for investigations.
He confirmed that Nii Kotei Dzani was detained for some hours on the orders of EOCO at the Cantonments Police Station in Accra after he was unable to render accounts to EOCO and was later cautioned and granted bail to be reporting later.
DAILY GUIDE checks showed that around 8:30 pm when the suspect was cautioned, the investigators discovered that the property documents brought for his release had already been used by another accused person in another case and so they were rejected.
After 9 pm, lawyers of the suspect brought another property documents before he was cautioned and granted bail.
Ideal Groupe Statement
Yesterday, Nii Kotei Dzani issued a statement claiming that he was never arrested by the EOCO in spite of the confirmation by the EOCO boss.
The statement signed by Ekow Blankson on behalf of the Corporate Communications Directorate of Groupe Ideal said, “For the record, this report is categorically false … Already, leadership of banks, finance houses, savings and loans companies and microfinances companies that have had their licences revoked by the Bank of Ghana as part of the financial sector reforms have been invited by EOCO and other investigative authorities as part of investigations into actions that led to the collapse of these institutions.”
“Nii Kotei Dzani reported last week and yesterday … at the offices of EOCO to aid the investigations. We are committed to the rule of law and at the end justice will prevail and we will be vindicated,” it added.