CEO granted GH¢100,500 bail over alleged fraud
The Accra Circuit Court has granted bail to a 45-year-old man for defrauding Star Steels Limited of GH¢100,500 worth of iron rods.
Kwadwo Fosu allegedly obtained the goods from the company and issued an Agricultural Development Bank cheque for GH¢100,500, knowing that there were no sufficient funds in his account for the payment.
Fosu pleaded not guilty to charges of deceiving through false pretences and issuing fake cheques.
He was granted GH¢150,000 bail with two sureties by the court presided over by Mr Samuel Bright Acquah.
The court ordered that one of the sureties be justifiable and the other be a regular Ghanaian citizen.
The court also ordered Fosu to report to the police once a week.
The case has been adjourned to August 9, 2023.
The prosecutor, Police Chief Inspector Agartha Abena Asantewaa, told the court that the complainant, Mr Isaac Amo, is a representative of Star Steels Limited and lives in Nsawam.
She said Fosu is the Chief Executive Officer of Fosu Gyeabour Transport and Training Enterprise and lives in Berekum.
According to Chief Insp Asantewaa, Fosu purchased iron rods worth GH¢220,000 from Star Steels Limited on October 14, 2021, and made part payment of GH¢119,550.
The court heard that Fosu issued post-dated Agricultural Development Bank cheques to cover the remaining payment for the iron rods.
According to Chief Insp Asantewaa, when the cheques were presented for payment on the due date, they were rejected.
The prosecution said, as a result, Amoo filed a petition for assistance.
Investigations revealed that Fosu issued post-dated Agricultural Development Bank cheques for GH¢100,500 to Amoo, despite not having enough money in his accounts. —GNA
