A suspect believed to be in his 50s is in the grips of the Ashanti Regional Police for allegedly defrauding more than 300 people to the tune of ¢1.2 million.Daniel Agyare, who claims to be the president of "Adom Kuo", a private 'susu' loan scheme located at Ahinsan in Kumasi, through which he and others succeeded in collecting the monies from their victims under the pretext of acquiring loans for them under the Micro Finance and Small Loan Scheme.Assistant Superintendent of Police Kwaku Duah, Head of the Criminal Investigation Department (CID) revealed this to newsmen in Kumasi at the weekend.He said the various monies paid by the victims were deposits for the loan and differs on the amount a person applies for.ASP Duah said the victims were also made to pay an extra amount of ¢50,000 for registration and ¢200,000 as a commission on every ¢20 million applied for.He said one of the victims later became suspicious and conducted his own investigations at the Subin sub-metro office of the micro finance and small loans scheme.ASP Duah said the Co-ordinator of the scheme then invited Agyare to the office where he confessed collecting some monies from only 100 people and a report was made to the police leading to his arrest.Source: GNA