INVESTMENT BANKER BEFORE COURT FOR FRAUD

By Felix Engsalige Nyaaba

An investment Banker and Managing Director of Mossrich Company Limited in Accra was yesterday appeared before an Accra Circuit and remanded for defrauding an accountant to the tune of GHC182, 500.00 in the pretext of supplying 25,000 metric tons of Sugar.

The accused, Mr. Moses Mossrich, also faces the charge of forgery of official documents.

He pleaded not guilty to two counts of defrauding by false pretence contrary to Section 131and Forgery of documents contrary to Section 158 of Act 29 of the criminal offence Act 1960.

The court presided over by Miss Audrey Korcuvie-Tay, however, denied him  bail and remanded him to reappear on Friday, March 30.

Presenting the facts of the case, the Police prosecutor, Chief Inspector Charles Chester said, sometime in August, 2009, the complainant in the case, Mr. William Quartey wanted to purchase 25,000 metric tons of Sugar worth US$9 Million.

The prosecutor said, the complainant therefore approached the Mossrich Company Limited, to raise a financial instrument for the purchase of the Sugar.

He said, after negotiations were made between him and the accused who is the Managing Director of the company, he paid an amount of GHC182,500.00  for a letter of credit to Stanbic Bank number 024003064 8601.

That the money was converted by the Stanbic Bank and transferred into two company’s bank accounts, namely Finance Asia Ltd, and Shoba Ltd with account numbers 81036926 and 62410137995 respectively.

According to the prosecutor, after all the purported letters of credit were  rather issued to the suppliers Bank in Spain, namely Banco Espanyo Du Credito by Dubia Bank of Kenya instead of the Standard Bank of New York, USA.

The prosecutor noted that, when the letter of credit was presented to the supplier Bank in Spain; it was rejected and dishonoured as null and void.

He said the complainant made frantic effort to reach the accused to retrieve his money proved unsuccessful as the accused fail to refund the    GHC182, 500.00 and later went into hiding.

Chief Inspector Chester said, the complainant therefore reported the matter to the police and the accused was traced and arrested.

He said during investigation, the accused confirmed that such money was paid into his company account but has since refused to refund the money and as a result he was charged for the offence while investigations continue.