Kako business fails: Banker must pay GH475,500
Learn about the failure of Kako Business and the resulting legal action where a banker is ordered to pay GH475,500. Stay informed on business news and lessons from failures.
A bench warrant has been issued by an Accra Circuit Court for the arrest of a 48-year-old banker and economist for allegedly defrauding a woman under the guise of investing her money in a salted fish (kako) business.
Alex Kodua, the accused, was allegedly given GH475,500 to invest in the ‘kako’ business but did not invest and went into hiding.
Last Wednesday, a warrant for his arrest was issued after he refused to appear before the court presided over by Samuel Bright Acquah.
He is scheduled to appear on February 28th, this year.
According to the facts of the case read in court by the prosecutor, Assistant Superintendent of Police (ASP) Maxwell Oppong, the complainant Theresa Duku lost her job as a banker in October 2021.
Alex, who was her friend, approached her with claims that he was into the purchase and supply of ‘kako’.
“The accused persuaded the complainant to put her money into the business and profit from it. “The accused person then demanded and collected GH30,000.00 in cash from the complainant under the guise of investing it in the said business,” he said.
He went on to say that a few days later, Alex brought the complainant some returns as profit from the money he received from her.
Trust in kako business
According to ASP Oppong, Alex, after gaining the complainant’s trust, asked the complainant to contact her friends who might be interested in the deal.
“The complainant fell for the prank and raised GH475,500.00 from her family and friends. She gave the money to the accused, who promised to use it to order the salted fish for the complainant, allowing her to do the business herself,” he said.
According to ASP Oppong, the accused went into hiding after receiving the money and abruptly stopped communicating with the complainant.
According to the prosecutor, the complainant reported the issue to the police on July 7, 2022, and Alex was tracked down and arrested at his hideout.
“He admitted the offence and pleaded with the police to give him up to the ending of August 2022 to return the money but that failed. “However, the investigation revealed that the accused person had never been involved in the purchase or supply of any salted fish (kako) as he had portrayed,” the prosecutor said.
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