Ghana: Fake currency scandal rocks bank

  1. Posted on Tuesday 24 March 2009 - 09:57
    accreporter
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    Kent Mensah, AfricaNews editor in Accra, Ghana
    The managers of a prominent bank in Ghana - Amalgamated Bank - have allegedly been caught pants down dealing in fake US dollars. The Bank of Ghana has raised the red flags on the bank owned by Nigerians and Ghanaians and called for the dismissal of the Managing Director, Oluwale Ajumale, still at post.
    Wads of dollars found on King James Photo_The New Crusading Guide
    The Governor of the Bank of Ghana, Dr. Paul Acquah, issued a directive on March 3, 2009, that the MD of the bank must be sacked latest March 10, 2009 after investigations revealed he breached several banking rules in Ghana. However, media reports say the Amalgamated MD is technically at post although he is enjoying his annual leave.

    Investigations revealed that the bank on three occasions deposited fake currencies in their vault and fake currency lodgment in Bank of Ghana between late 2008 and 2009. Authorities at the Bank of Ghana say it is outrageous and culprits must be brought to book.

    The regulatory body said a customer had been paid fake dollar notes at one of the bank’s branches in the capital but the branch explained its counterfeit detector machine was not working at the time the money was paid to the bank.

    Not satisfied with the response, the customer was said to have issued two more cheques to two separate branches but received fake currencies as well, myjoyonline.com, a private radio station news website stated. The customer immediately lodged a complaint to the Bank of Ghana which instituted an investigation into the matter.

    Due diligence revealed that the MD made foreign exchange cash payments into foreign currency accounts contrary to Bank of Ghana notice, transferred from foreign exchange accounts and other accounts into foreign currency accounts contrary to Bank of Ghana notice and made direct transfers of funds abroad in settlements of goods up to $25,000 without initial or subsequent documentation.

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