Economic and Organised Crime Office (EOCO) has arrested two directors of Wealth Drive Ghana (WDG) for allegedly receiving funds from the public and managing them without authority from the Bank of Ghana (BoG) and Securities and Exchange Commission (SEC).

The suspects are Gideon Nkatiah, General Manager, who is a director and Michael Badu Mpere, Operations Manager and director of the company.

They were apprehended on October 3, 2018 at their rented ultramodern office complex at Westland in Accra.

During the arrest officials of EOCO retrieved customer application forms, agreement certificates and customers’ payment schedule.

According to EOCO, over 1,000 customers, who have made investment, have been promised interest returns of 20 to 35 percent.

Briefing the DAILY GUIDE, the Deputy Director in charge of EOCO, Nana Antwi, said the conduct of the two directors was contrary to Section 6(1) of the Banks and Specialized Deposit-taking Institution Act, 2016.

He said the two directors, upon their arrest, admitted that Wealth Drive Ghana Limited, which is a subsidiary of Wealth Drive South Africa, has been operating in Ghana without the requisite licence from the Central Bank and SEC.

“They further indicated that although the company was incorporated on February 1, 2018 at the Registrar General’s Department to operate as an import and export company, they recently amended their business to include management of funds and forex trading.

He mentioned that the Wealth Drive Ghana Limited receives deposits through referrals from other customers which are traded on the South African Stock Market.

“Each customer pays his or her investment deposits in the company’s three accounts at some banks (names withheld).

After payment is made, the customer then goes to their office to show evidence of payment after the necessary entries are made.”

The Deputy Director of EOCO revealed that the company would then transfer all the money to the parent company in South Africa where the money is traded in dollars, Pounds, Japanese yen, Euro and Canadian dollars on the South African Stock Exchange.

Interest of 20 to 35 percent is then paid to customers per month on a minimum deposit of GH¢5,000.