Three individuals accused of siphoning GH₵252,923.92 from the account of Afro-Arab Microfinance Limited have been brought before the court.
At the Dansoman Circuit Court, two of the accused were present: Michael Kumi Arhin, who is unemployed, and Michael Assibu, a Finance Manager. Both have pleaded not guilty to charges of conspiracy to commit a crime, specifically stealing, and the act of stealing itself.
The third accused, Grace Adade, is currently at large.
Arhin and Assibu, who were represented by legal counsel, entered their not guilty pleas before the court, which was presided over by Mrs. Halimah El-Alawa Abdul-Baasit.
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The court granted bail to Arhin and Assibu, setting the amount at GH₵300,000 with three sureties, one of which must be justified with a title deed. The court also ordered them to report to the police every two weeks until further notice.
The case has been adjourned to October 14, 2024, for Case Management (CMC).
During the hearing, the defense counsel requested bail, arguing that the accused had pleaded not guilty and had a defense to present against the charges. The defense noted that the accused had been on police inquiry bail since their arrest in 2023 and had not attempted to flee, suggesting they were not a flight risk.
Chief Inspector Christopher Wonder, leading the prosecution, did not oppose the bail request but emphasized that the bail conditions should ensure the accused would appear for trial whenever required. The prosecution also noted that the police were still searching for the third accused, Grace Adade.
According to the prosecution’s account, the complainant, Ebenezer Egir Tetteh, General Manager of Afro-Arab Company Limited, Kokomlemle in Accra, reported the case. The company operates in microfinance, and the three accused were former employees.
In 2022, Arhin, a loan officer at the company, created an account for his girlfriend, Ruth Adomah, in the company’s system. He then began crediting this account with funds, aided by Grace Adade, a teller, and with the approval of Assibu, the then Financial Manager.
The accused continued these transactions, crediting the account with various sums and sharing the money among themselves after withdrawals.
In December 2022, sensing trouble, Assibu resigned from the company. In January 2023, when a new Financial Manager, Gabriel Quaye, took over, it was discovered that Assibu still had access to the company’s accounts system.
On April 28, 2023, the case was reported to the police, leading to the arrest of Arhin and Assibu, while Adade escaped.
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An audit conducted on May 29, 2023, by an external auditor revealed that Assibu had continued approving transactions made by Adade into the account created by Arhin, along with five additional accounts opened under the names of other supposed customers. The accused ultimately stole GH₵252,923.92 from the company.
During questioning, the accused admitted to the offenses and refunded GH₵72,000, which was returned to the complainant. Efforts are ongoing to apprehend Grace Adade, who remains at large.
