Man jailed 10 years for banking fraud

Michael Owusu has been sentenced to 10 years in prison by a Sunyani Circuit Court for operating an unlicensed financial institution and defrauding individuals of GH¢1,512,000 in the Bono Region.

Owusu ran Perfect Business Fun Club in several towns, promising high returns on deposits.

In 2017, after complaints by 82 victims, he was arrested in Accra and convicted on charges of defrauding by false pretense, engaging in banking without a license, and money laundering.

He admitted to receiving funds and transferring large sums to UK institutions.

Despite using fake certifications, his operations were unlicensed, leading to his conviction.