The Wa High Court presided by Justice Kwesi Boakye has sentenced Hassan Fuseini, owner of a micro-finance company, Western Investment, to 20 years imprisonment for defrauding by false pretences.
His accomplices, Abdul Raman Osman, Osman Safron Laryea and Abdulai Bayis, who helped him mobilise funds were also fined GH¢4,800 each or in default spend five years in prison.
They pleaded not guilty to the charges of conspiracy to defraud by false pretences and defrauding by false pretences.
The convict, who set up the micro-finance company, promised a 100 per cent return on investments as well as cars, motorcycles and television sets to the first batch of depositors.
The scheme yielded about GH¢20 million worth of investments from clients, and about 200 people in Wa and its environs were defrauded.
The convicts went into hiding after failing to meet their obligations to clients.
FROM LYDIA DARLINGTON, WA
