Volta Region microfinance scam victims cry to Mahama

Scores of residents in the Volta Region who have fallen victim to microfinance scams are appealing to President John Dramani Mahama to intervene in their quest to retrieve their investments.

The victims said they were duped by seven entities including: Little Drops, Prosperity and Good Health, Global Leads, Royal Foundation, Marcepth Wealth, Global Foundation, and Develop Winners Asante. The firms operated as fan clubs between 2014 and 2015 and promised clients between 800 and 1000 per cent returns on an average minimum investment of GHC450 within three to five months.

The victims say they can no longer trace the whereabouts of the managers of the seven firms to recoup their investment, hence their call on the president to intervene.

Hadzidey Richard, spokesperson for the victims, at a press conference in the Volta regional capital, Ho, on Sunday September 18 said: “Mr President, we are appealing to you to use your good offices to get these network companies pay the monies due us, since the banks are after us for their monies and interest.”

Similarly, over 70,000 victims of DKM and several other defunct microfinance institutions, mostly in the Brong Ahafo Region, have also lost their investments.

Their monies got locked up after owners of DKM Microfinance Limited, Jastor Motors, God is Love and other financial institutions ploughed back their clients’ investments into their own private businesses thus rendering them incapable of paying the investors the hefty interests they had promised them.

The victims have persistently mounted pressure on the government to reimburse them. They have threatened to vote against President John Mahama and the NDC in the December polls if the government failed to have their investments reimbursed.