An accountant with Jins Ghana Limited, an Accra-based engineering and construction firm, Seidu Inusah Rashid, is in the grip of the law for allegedly defrauding the company to the tune of GH¢174,595.
He has been remanded in custody at the headquarters of the Criminal Investigations Department (CID) of the Ghana Police Service to reappear before the Accra Circuit court on July 7, 2013.
Chief Superintendent of Police, Mr Denis Ababe, an investigator at the CID headquarters, told the Daily Graphic that sometime last year, Seidu was asked to get a sub-contractor to execute seal works as part of the Nautical College road project at Nungua because the project manager who was responsible for that assignment was not available.
He said Seidu presented a man named Moro Sinari as the preferred contractor who was to charge a contract fee of GH¢84,800 after evaluating quotes from other contractors.
Seidu, he said, also presented Xtra M. Limited as a company belonging to Moro Sinari, the so-called sub-contractor, and was subsequently tasked to act as a liaison officer between Jins Ghana Limited and Sinari to handle all transactional payments to Xtra M. Limited.
According to Mr Ababe, Jins Ghana Limited issued four United Bank for Africa (UBA) cheques with a total face value of GH¢175,595 on different dates as payment to the ‘sub-contractor’.
Contrary to the company’s regulations, the police officer said, Seidu signed those cheques in the name of the ‘sub-contractor’ and a routine bank reconciliation by the company management revealed that the cheques were cleared in the bank statement as Xtra Mobile Limited instead of Xtra M Limited which was known to the management.
Mr Ababe stated that the discrepancy in company names coupled with a delay in the execution of the project after the ‘sub-contractor’ had been fully paid what was due him, prompted the management of Jins Ghana Limited to summon the ‘sub-contractor’ for a meeting.
He said at the meeting, Sinari informed the management that he knew Seidu as the Managing Director of Jins Ghana Limited to the astonishment of all present and mentioned ZCC Civil Engineering Limited as his company and not Xtra M Limited as presented by Seidu.
Sinari, he indicated, also denied receiving any money from Seidu.
Mr Ababe said it was also established that Seidu doctored figures on an original VAT/NHIL Invoice.
Explaining, Chief Superintendent Ababe said figures on the invoice from the ‘sub-contractor’ which read GH¢10,261 and GH¢11,800 were altered to read GH¢40,261 and GH¢41,800 respectively and presented to management for payment.
Mr Ababe said when the Managing Director of Jins Ghana Limited, Mr Joe S. Ajingboruk, served Seidu with a query, he denied any wrongdoing.
A complaint was, therefore, lodged with the police on July 22, 2013 and the suspect was apprehended.
Preliminary investigations, according to Mr Ababe, indicated that Seidu was the sole shareholder and joint director of Xtra Mobile Limited, the company he presented to Jins Ghana Limited as the ‘sub-contractor’ and into whose account the cheques issued by management to Sinari, the ‘sub-contractor’, were paid.