Economy

Massive fraud at ADB

Massive fraud running into thousands of Ghana cedis has been uncovered at the University of Cape Coast branch of the Agriculture Development Bank.

The acting manager, Stephen Amanquandoh, now at large, is alleged to have used dubious means to obtain loans using the bank accounts of customers.

The victims, who included doctors, lecturers and traders, are now being asked by the bank to repay the loans purported to have been contracted by them.

The bank has even started deductions from the accounts of the victims, one of whom told the Times that Mr Amanquandoh convinced him to take an overdraft of GH¢10,000 for him to meet a pressing need.

He promised to refund the amount within a week.

He said that the money was not paid on the date promised “and the bank is now deducting money from my account to defray the loan”.

Another victim said Mr. Amanquandoh took her cheque book and withdrew an unspecified amount of money from her account.

Others said they were at a loss as to how he was able to apply for a loan on their behalf.

Sources at the bank say the case was being handled at the bank’s headquarters in Accra.

The Regional Police Public Relations Officer, Raymond Asaaba confirmed the story and said the police were investigating the case.

By David Yarboi-Tetteh, Cape Coast

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