Over GHC1 million alleged fraud has been uncovered at the Microfinance and Small Loans Centre (MASLOC), the Daily Graphic has revealed.
The Graphic reported that an acting Director of Operations, Ken Kwaku Boadi Asare is alleged to have forged 102 non-existing business associations to advance GH¢1,055,582 to two financial institutions.
The suspect allegedly collaborated with some regional officers of MASLOC to perpetrate the crime.
[contextly_sidebar id=”4mZRlGVUHSV7B1RPp9TLtwZZHYuFuycT”]Investigators of the Economic Organised Crimes Office(EOCO) have since concluded investigations into the matter.
The docket on the case is also being finalized for onward submission to the Attorney General’s Department for advice.
About nine people, including Asare, were interviewed during investigations into the matter.
The transaction reportedly took place between October 2012 and September 2013.
It is believed that MASLOC’s weak internal control systems contributed to the malfeasance.
Investigators have advised MASLOC to strengthen its internal control systems and repayment of loans.
Investigators also recommended the decentralisation of roles since too much power had been vested in the director of operations.
Other related fraud issues
This is not the first time MASLOC has uncovered financial malfeasance at its institution.
The Chief Executive Officer(CEO) for MASLOC, Bertha Sogah was asked to proceed on leave after she was accused of allegedly stealing GHc 500, 000 from the state-run organisation and handing it over to a private company;Amisgold Microfinance Service Limited owned by her husband.
She was later replaced with Mrs. Sedina Tamakloe Attionu.
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By: Marian Efe Ansah/citifmonline.com/Ghana
Follow @EfeAnsah