[2017]DLHC16336 Login to Read Full Case <span style="font-size: 18px !important;"><p class="MsoNormal" align="center" style="margin-right:.05pt;text-align:center"><b><span style="font-size:12.0pt;font-family: "Book Antiqua",serif;mso-fareast-font-family:"Book Antiqua";mso-bidi-font-family: "Book Antiqua";color:#00B0F0">THE REPUBLIC<o:p></o:p></span></b></p><p class="MsoNormal" align="center" style="margin-right:.05pt;text-align:center"><b><span style="font-size:12.0pt;font-family: "Book Antiqua",serif;mso-fareast-font-family:"Book Antiqua";mso-bidi-font-family: "Book Antiqua";color:#00B0F0">vs.<o:p></o:p></span></b></p><p class="MsoNormal" align="center" style="margin-right:.05pt;text-align:center"><b><span style="font-size:12.0pt;font-family: "Book Antiqua",serif;mso-fareast-font-family:"Book Antiqua";mso-bidi-font-family: "Book Antiqua";color:#00B0F0">RICHARD APPIAH<o:p></o:p></span></b></p><p class="MsoNormal" align="center" style="margin-right:.05pt;text-align:center; tab-stops:12.0pt"><a name="_heading=h.gjdgxs"></a><span style="font-size:10.0pt; font-family:"Book Antiqua",serif;mso-fareast-font-family:"Book Antiqua"; mso-bidi-font-family:"Book Antiqua"">(<i>ACCUSED)<o:p></o:p></i></span></p><p class="MsoNormal" align="center" style="margin-right:.05pt;text-align:center; tab-stops:12.0pt"><span style="font-size:10.0pt;font-family:"Book Antiqua",serif; mso-fareast-font-family:"Book Antiqua";mso-bidi-font-family:"Book Antiqua"">[HIGH COURT, ACCRA]<o:p></o:p></span></p><p class="MsoNormal" align="center" style="margin-right:.05pt;text-align:center; tab-stops:12.0pt"><span style="font-size:10.0pt;font-family:"Book Antiqua",serif; mso-fareast-font-family:"Book Antiqua";mso-bidi-font-family:"Book Antiqua""> </span></p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: black; padding: 0cm 0cm 1pt; margin-left: 0cm; margin-right: 0.05pt;"> <p class="MsoNormal" style="text-align:justify;border:none;mso-border-bottom-alt: solid black 1.5pt;padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm"><span style="font-size:10.0pt;font-family:"Book Antiqua",serif;mso-fareast-font-family: "Book Antiqua";mso-bidi-font-family:"Book Antiqua"">SUIT NO. FT/0032/16 <b> </b> DATE: 31<sup>ST</sup> MARCH, 2017<o:p></o:p></span></p> </div><p class="MsoNormal" style="margin-right:.05pt;text-align:justify"><b><span style="font-size:12.0pt;font-family: "Book Antiqua",serif;mso-fareast-font-family:"Book Antiqua";mso-bidi-font-family: "Book Antiqua"">COUNSEL<o:p></o:p></span></b></p><p class="MsoNormal" style="margin-right:.05pt;text-align:justify"><span style="font-size:12.0pt;font-family:"Book Antiqua",serif;mso-fareast-font-family: "Book Antiqua";mso-bidi-font-family:"Book Antiqua"">MS. WINIFRED SARPONG FOR THE REPUBLIC PRESENT AND WITH HER ARE MR. WATKINGS ADAMA AND NANA AISHA SALIFU<o:p></o:p></span></p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: black; padding: 0cm 0cm 1pt; margin-left: 0cm; margin-right: 0.05pt;"> <p class="MsoNormal" style="text-align:justify;border:none;mso-border-bottom-alt: solid black 1.5pt;padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm"><span style="font-size:12.0pt;font-family:"Book Antiqua",serif;mso-fareast-font-family: "Book Antiqua";mso-bidi-font-family:"Book Antiqua"">MR. GEORGE ASAMANEY FOR THE ACCUSED PERSON PRESENT<o:p></o:p></span></p> </div><p class="MsoNormal" style="margin-right:.05pt;text-align:justify"><b><span style="font-size:12.0pt;font-family: "Book Antiqua",serif;mso-fareast-font-family:"Book Antiqua";mso-bidi-font-family: "Book Antiqua"">CORAM:<o:p></o:p></span></b></p><p class="MsoNormal" style="margin-right:.05pt;text-align:justify"><span style="font-size:12.0pt;font-family:"Book Antiqua",serif;mso-fareast-font-family: "Book Antiqua";mso-bidi-font-family:"Book Antiqua"">HER LADYSHIP JUSTICE AFIA SERWAA ASARE-BOTWE (MRS.)<o:p></o:p></span></p><div style="border-top-width: 1.5pt; border-top-color: black; border-left: none; border-bottom-width: 1.5pt; border-bottom-color: black; border-right: none; padding: 1pt 0cm; margin-left: 0cm; margin-right: 0.05pt;"> <p class="MsoNormal" align="center" style="text-align:center;border:none; mso-border-top-alt:solid black 1.5pt;mso-border-bottom-alt:solid black 1.5pt; padding:0cm;mso-padding-alt:1.0pt 0cm 1.0pt 0cm"><b><span style="font-size:12.0pt;font-family:"Book Antiqua",serif; mso-fareast-font-family:"Book Antiqua";mso-bidi-font-family:"Book Antiqua"">JUDGMENT<o:p></o:p></span></b></p> </div><p class="MsoNormal" style="margin-right:.05pt;text-align:justify;border:none; mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-border-shadow:yes"><span style="font-size: 12pt; font-family: "Book Antiqua", serif;"> </span></p><p class="MsoNormal" style="margin-right:.05pt;text-align:justify;border:none; mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-border-shadow:yes"><span style="font-size: 12pt; font-family: "Book Antiqua", serif;">The accused is charged with the following offences;<o:p></o:p></span></p><p class="MsoNormal" style="margin-top:0cm;margin-right:.05pt;margin-bottom:0cm; margin-left:21.3pt;margin-bottom:.0001pt;text-align:justify;text-indent:-18.0pt; mso-list:l4 level1 lfo1;tab-stops:43.05pt;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt; mso-border-shadow:yes"><!--[if !supportLists]--><span style="font-size: 12pt; font-family: "Book Antiqua", serif;">1.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: "Times New Roman";"> </span></span><!--[endif]--><span style="font-size: 12pt; font-family: "Book Antiqua", serif;">On Count one, the accused is charged with Operating an Investment Company without license contrary to Sections 4(1) and 4(3)(b) of the Banking Act, 2004(Act 673).<o:p></o:p></span></p><p class="MsoNormal" style="margin-top:0cm;margin-right:.05pt;margin-bottom:0cm; margin-left:21.3pt;margin-bottom:.0001pt;text-align:justify;border:none; mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-border-shadow:yes"><span style="font-size: 12pt; font-family: "Book Antiqua", serif;"> </span></p><p class="MsoNormal" style="margin-top:0cm;margin-right:.05pt;margin-bottom:0cm; margin-left:21.3pt;margin-bottom:.0001pt;text-align:justify;text-indent:-18.0pt; mso-list:l4 level1 lfo1;tab-stops:43.05pt;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt; mso-border-shadow:yes"><!--[if !supportLists]--><span style="font-size: 12pt; font-family: "Book Antiqua", serif;">2.<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: "Times New Roman";"> </span></span><!--[endif]--><span style="font-size: 12pt; font-family: "Book Antiqua", serif;">On counts 2 through to Count 180, the accused is charged with defrauding by false pretences contrary to Section 131 of the Criminal Offences Act, 1960 (Act 29).<o:p></o:p></span></p><p class="MsoListParagraph"><span style="font-size: 12pt; font-family: "Book Antiqua", serif;"> </span></p><p class="MsoNormal" style="margin-right:.05pt;text-align:justify;tab-stops:43.05pt; border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-border-shadow:yes"><span style="font-size: 12pt; font-family: "Book Antiqua", serif;"> </span></p><p class="MsoNormal" style="margin-right:.05pt;text-align:justify;border:none; mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-border-shadow:yes"><span style="font-size: 12pt; font-family: "Book Antiqua", serif;">The facts of the case that were read to the Court at the commencement of the case are that the complainants are all clients of an investment company known as Prymehedge Investments. The accused person Richard Appiah is the CEO and Managing Director of the company. The company’s head office was located at Sakumono and the company had been in existence since 2011. On the 16</span><sup><span style="font-size: 18pt; font-family: "Book Antiqua", serif;">th </span></sup><span style="font-size: 12pt; font-family: "Book Antiqua", serif;">of January 2014 the police received a complainant from one Rita Miniku a client of the accused to the effect that she invested an amount of Fourteen Thousand Ghana Cedis in the accused’s company but when the maturity date came and she approached the company for her money, she was informed by the accused that the company could be traced. Upon the receipt of this complaint and others all to the effect that some investments had been made to accused person’s company but he had failed to pay them their interest and principal as promised in the various agreements between them and the company, the police proceeded to arrest the accused person. The accused was arrested on the 2</span><sup><span style="font-size: 18pt; font-family: "Book Antiqua", serif;">nd </span></sup><span style="font-size: 12pt; font-family: "Book Antiqua", serif;">of June 2014 from his office at Sakumono Estate and after his arrest the police have received over one hundred and sixty complaints lodged against him. It came to light during investigations that Prymehedge Investments is a registered company but when it commenced business in 2011 it did not have a license from the bank of Ghana to engage in banking business. It also came out during investigations that he modus operandi of the accused was to lure potential investors with high interest returns on their funds which he would usually pay up to a point just to win their confidence and then stop. It also came to light that the accused person at a point could not pay the complainants because new investors were not coming and that was the point when the whole scheme came crashing. A total sum of about Five Million, Two Hundred and Twenty Three Thousand, Seven Hundred Ghana Cedis (5,223,700.00) and One Hundred and Eighty Two Thousand, One Hundred and Sixty Five Dollars ($182,165.00) were invested by the complainants and from the date of arrest till today the accused has not paid any amount to any of the complainants.<o:p></o:p></span></p><p class="MsoNormal" style="margin-right:.05pt;text-align:justify;border:none; mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-border-shadow:yes"><span style="font-size: 12pt; font-family: "Book Antiqua", serif;"> </span></p><p class="MsoNormal" style="margin-right:.05pt;text-align:justify;border:none; mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-border-shadow:yes"><span style="font-size: 12pt; font-family: "Book Antiqua", serif;">&n