Accra May 18, GNA – A Financial analyst, who allegedly took $360,650 under the pretext of securing importers’ Letters of Credit (LC), but failed, has appeared before an Accra Circuit Court.
James Aborgah charged with defrauding by false pretences, has however, pleaded not guilty.
The Court, presided over by Mr Aboagye Tandoh, admitted Aborgah to bail in the sum of 1.2 million cedis with three sureties to reappear on May 31.
Prosecuting, Chief Superintendent of Police Duuti Tuaruka told the Court that the complainant, Mr Agyare Samuel Somuah, was a businessman residing in Accra.
The accused person is the Chief Executive Officer of Liquidity Limited located at Adabraka.
The Prosecution said within the month of August last year, the complainant had a business deal to import 2.5 metric tonnes of refined sugar from Brazil to Ghana, but lacked the financial backing to import that quantity of sugar.
In desperation, he said, the complainant was directed to one Rexford Amankwah to contact the accused person to assist him get Letters of Credit together with collateral to the tune of 3,937,500 dollars at his liquidity investment office at Adabraka.
On August 11 last year, Prosecution said, the complainant in the company of his business partner, Kweku Adjei and Rexford Amankwah, met in the accused person’s office.
Aborgah assured them that he could assist the complainant to obtain the Letters of Credit with the face value of 3,937,500 dollars as collateral to enable him to import the refined sugar from Brazil to Ghana within two weeks after the complainant had paid a facility processing fee of $360,650.
To facilitate the payment, Aborgah gave the complainant his Unibank account at the Makola Branch to effect payment.
The complainant, the Prosecutor said, became convinced and paid the fee into Aborgah’s account.
However, Chief Supt. Tuaruka said Aborgah after collecting the money, failed to provide the Letters of Credit but began giving excuses.
Also, prosecution said, Aborgah failed to refund the facility processing fee to the complainant.
On May 3, this year, a report was made to the Police and Aborgah was nabbed.
GNA
By Joyce Danso, GNA
