When Beige Bank’s license was terminated in August 2018, according to the circumstances of this new case at the High Court, a study of the Bank’s financial and other records uncovered certain suspicious and anomalous transactions, which were subsequently reported.
Investigations showed that between 2015 and 2018, Mr. Nyinaku transferred enormous quantities of money to businesses affiliated with him and for his advantage using a variety of methods.
The money that was moved came from deposits made at Beige Bank.
Without the knowledge or approval of the consumers, Mr. Nyinaku facilitated the transfer of 10,071 Beige Bank fixed deposit accounts, totaling GH448,636,210.21 in deposits from different customers, to Beige Capital Asset Management Limited (BCAM), between 2017 and 2018.
Investigations also revealed that Mr. Nyinaku, between 2017 and 2018, caused the transfer of 35 fixed deposit investments of 23 customers of Beige Bank totaling GH¢141,042,348.92 to the Beige Group. Investigations further revealed that, sometime in March 2018, Mr. Nyinaku caused a fictitious second account to be opened in the name of First Africa Savings and Loans (FASL), an existing account holder with Beige Bank, without the knowledge of the Board and management of FASL.
Mr. Nyinaku then caused the transfer of the sum of GH¢320 million from the accounts of various Beige Bank customers into the bank account of BCAM held with Beige Bank. Again, between 2015 and 2017, Mr. Nyinaku, through the use of payment vouchers, caused the sum of GH¢1,465,000.00 of depositors’ funds lodged with Beige Bank to be paid to himself and other persons.
These transactions were recorded in the bank’s Directors Account general ledger account.
Investigations further showed that the accused caused a total of GH20,599,052.58 in depositor monies held at Beige Bank to be moved to a number of businesses and people for his advantage. This was accomplished through the use of payment vouchers, e-mails, and memos.
These transactions were recorded in the bank’s Shareholder’s Account general ledger account.