Three held for operating financial institution without licence

Accra, Nov. 1, GNA - Three persons were on Tuesday put before an Accra Circuit Court charged with operating a financial institution without licence.

They all pleaded not guilty and the presiding judge, Mr Justice Frank Manu, a High Court Judge with an additional responsibility on the matter as a Circuit Court Judge, admitted each of them to a 50-million-cedi bail with a surety to be justified.

Amadu Moro, trader, Frank Nana Siaw, technician/businessman and Alhaji Karim Tafa, watchman, would appear again on November 17. The case for the prosecution is that at about 1230 hours on October 16, a team of Police Detectives mounted an operation at the Airport Junction area and arrested the accused persons. At the time of their arrest, Moro was in the process of paying one Gloria Sackey Mensah, who was there to change 50 pounds. The Police also picked Siaw and Tafa, who were sitting just beside Moro.

When they were searched, 24 million cedis were found on Moro, while Siaw had on him 350 dollars and 12,650 cedis. Upon interrogation, Moro admitted the offence, but Siaw and Tafa denied their involvement in the deal.