An Accra Circuit Court has sentenced to eight years a 34-year-old man for forging a Bank of Ghana (BoG) license to operate a microfinance company at Suhum in the Eastern region and its environs.
Kofi Asante pleaded guilty to operating a microfinance company without a license, receiving a four-year sentence, and also to forging an official document, resulting in an eight-year sentence.
Both sentences will be served concurrently, as determined by Judge Joojo Amoah Hagan.
The prosecution, led by Assistant Superintendent of Police (ASP) Emmanuel Haligah, revealed that Asante had fraudulently established microfinance business centers named KM Community Bank and Prym Capital in Suhum and surrounding areas.
He illicitly collected deposits from individuals without the necessary licenses.
KM Community Bank reportedly had branches in Anum Apapam, Akorabo, and Amanase, while Prym Capital was headquartered in Suhum.
On June 30, 2023, Asante was apprehended for investigation. During a search of his offices, copies of documents claiming to be issued by the Bank of Ghana under the name of KM Community Bank were discovered.
Subsequent investigations disclosed that Asante had forged the Bank of Ghana license, creating fake documents between April and January 2023.
He had employed approximately 24 individuals to operate within Suhum and its surroundings.