GH¢1bn fraud: Banks line up staff for prosecution. The Bank of Ghana has revealed that some of the persons involved in the GH¢1bn fraud that hit the banking sector in 2020 are being prosecuted. A source at the central bank told the Daily Graphic that while some of the banks were still investigating the persons involved, others were going through due process in the courts. “This is a matter that banks are dealing with on the quiet and we are closely monitoring them”, the source said. “This is the first time we are seeing such a high number of bank staff involved in fraud of this magnitude”, the source added. The type of fraud, which saw the highest involvement of staff of the banking sector, was suppression of cash – where a staff takes cash from customers but does not record the full amount in the books and tries to balance it off with deposits made by other customers. That, according to the source, was very common in the banking sector in 2020. Cash suppression A 2020 ban...
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