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Hbadan Fuseini was sentenced to 10 and 20 years (to run simultaneously) on both counts of indictment
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High court of the regional capital of the Upper West, Wa sentenced one of Hbadan Fuseini to 20 years imprisonment for defrauding under false pretenses.
The convict, aka Inner, created Western Investments, which used to defraud more than 200 people in Wa and nearby towns.
The system promised 100% returns on investments, which prompted many unsuspecting people to deposit their money with them.
In order to attract more people, Western Investments has entrusted the first group of depositors with gifts of cars, motorcycles and televisions.
The company, however, has fallen back after being unable to meet its obligations to its customers.
Inner and his accomplices left the job and hid.
When did the court proceedings start?
In 2014, the police arrested Inner and his colleagues and brought him to court.
The suspects at the time then pleaded not guilty of conspiracy to defraud under false pretenses and to defraud under false pretenses.
After five years of trial, the court, presided over by Judge Kwesi Boakye, found them guilty of both counts and sentenced Inner, the brain to 20 years' imprisonment for hard labor.
His accomplices who used to mobilize the funds were fined 4 800 GH ¢.
How much has been lost?
Rafiq Salam of Joy News reports that Western Investments has received at least 20 million GH ¢ from their customers.
A client who spoke to Joy News said she had deposited 50,000 GH ¢. She says that she could have used the money to get a benefit. She therefore begs the authorities to help recover some, if not all, of the money.
Another client said that he knew that Inner is the founder of the company he would not have invested.
"He is a used clothing dealer on the market and we all know him," he lamented.
What is the extent of Ponzi schemes in Ghana?
Ponzi schemes continue to gain momentum in Ghana, Menzgold, the last troubled gold dealer firm.
The system promised investors 7 to 10% per month of return on investment.
Nana Appiah Mensah led a good life while persuading people to drop in Menzgold
Despite several warnings from state authorities, 60,000 supposed Ghanaians have invested in the society and now have their money frozen for 200 million ¢.
Nana Appiah Mensah, CEO of Menzgold, would be in Dubai cells and be on trial for an unrelated case.
Another finance company, DKM DKM Financial Services, has deceived customers for around 115 million ¢.
In November 2018, the Minister of Finance said that about 80% of the victims of DKM had been paid.
Experts say that more of these companies are spread across the country.
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