The executives of 'Adom Kuo', a private loan scheme located at Ahinsan in Kumasi, have been remanded by a Kumasi circuit court for allegedly defrauding 194 people.

Daniel Agyare, 50, the president, Amidu Kolog, 35, vice-president, Ernestina Kumah, 41, treasurer, Lawson Doe, 39, secretary, Ama Adoma, 40, organizer and John Efia, 40, porter, all pleaded not guilty to the charge and they will re-appear before the court on June 7.

Police Chief Inspector Francis K. Kusi told the court that the executives convinced 346 people that the group could acquire loans for them through the Micro Finance and Small Loan Scheme and collected from them amounts ranging from 300,000 to 2.4 million cedis.

He said the members who paid 1.2 million cedis were entitled to 10 million cedis and those paying 2.4 million cedis would receive 20 million cedis.

Mr Kusi said the members, realizing that their loans were not forthcoming, confronted the executives and 152 members collected their deposits.

The other members also conducted their own investigations leading to Agyare being invited by the Subin Co-ordinator of the Micro Finance and Small Loan Scheme where the police arrested him.

The executive body was also later arrested during which they refunded 46 million cedis.

Source: GNA