Businessman jailed 10 years for GH¢3m fraud

An Accra Circuit Court has sentenced a 38-year-old businessman, Alhaji Fareed Amin Yakubu, to 10 years in prison for defrauding a businesswoman of GH¢3 million under the pretext of investing in an oil business.

The court, presided over by Justice Bright Samuel Acquah, a High Court judge with additional responsibility as a Circuit Court judge, found Yakubu guilty of one count of defrauding by false pretences and two counts of issuing false cheques.

In addition to the custodial sentence, Yakubu was fined GH¢12,000. In default of the fine, he will serve an additional two years for the charge of issuing false cheques. The sentences are to run concurrently.

Trial Conducted in Absentia

Yakubu’s trial was held in his absence, a move permitted under Article 19(3)(a) of the 1992 Constitution. The provision allows a court to proceed with a trial if an accused person fails to appear after having been granted bail.

Details of the Fraud

Presenting the facts of the case, the prosecution stated that in April 2021, Yakubu collected GH¢3 million from the complainant, Madam Darling Tuffour, a businesswoman residing at East Legon. He allegedly promised to invest the money in an oil business and assured her of repayment.

Following the transaction, Yakubu issued a cheque for GH¢2,100,000 drawn on Stanbic Bank on May 18, 2021. The cheque was dishonoured due to insufficient funds in the account.

He subsequently issued a second cheque, this time for GH¢1,050,000 drawn on First Atlantic Bank on September 24, 2021. This cheque was also dishonoured.

Police Investigation

After the cheques were returned and attempts to locate Yakubu proved unsuccessful, the complainant reported the matter to the police. The prosecution noted that Yakubu later turned himself in after his details were publicised in the media.