Court grants businessman bail over alleged GH¢3m fraud

A 38-year-old businessman, who allegedly took GH¢3 million from a businesswoman under the pretext of investing it in an oil business and paying back but failed, has been granted bail by an Accra Circuit Court.

Alhaji Fareed Amin Yakubu, is also said to have issued fake Stanbic and First Atlantic Bank cheques with face value of GH¢2,100,000.00 and GH¢1,050,000.00 respectively to be withdrawn by the said businesswoman.

Charged with defrauding by false pretence and other two counts of issuing fake cheque, Yakubu pleaded not guilty to all the charges.

The court presided over by Mr Samuel Bright Acquah admitted the accused person to GH¢3 million with three sureties and adjourned to October 25, 2023.

The court also directed that one of the sureties be justified with landed property worth the bail sum.

“The other two sureties should be ordinary citizens,” the Court added.

The prosecution led by Superintendent of Police, Augustus Yirenkyi said the complainant, Madam Darling Tuffour, who resided at Tessa Avenue, East Legon, Accra, was a businesswoman, while the accused person resided at Ashongman.

It said in April 2021, the accused person went to the complainant and told her that he was into oil business and needed funds to invest into his business, which he would pay back.

The prosecution said the complainant gave the accused person an amount of GH¢3 million.

The prosecution said when it was time for repayment, the accused person issued Stanbic and First Atlantic Bank cheques with face value of GH¢2,100,000.00 and GH¢1,050,000.00 respectively to the complainant, but when she presented the cheques to the banks, they were all dishonoured.

It said the complainant went to the office of the accused person and got to know that he had relocated and his whereabouts was not known.

It said the complainant reported the case to the police and a warrant of arrest was obtained from the court for his arrest.

The prosecution said the accused person was published and on seeing the publication, he reported to the police, and he was arrested.