The Managing Director of West Palm Investment Company, a hire purchasing company in Kumasi, was on Friday arrested by the police for allegedly swindling several people under the pretext of supplying them with vehicles.
Joseph Boadu, the Managing Director, was said to have absconded when the victims, numbering about 26 reported the matter to the police.
But he was on Friday arrested by the police and placed in custody charged provisionally for defraud with false pretense.
Later released on police enquiry bail, the Managing Director was said to have collected between GH¢1, 700 and GH¢13, 000 from the people to supply them with vehicles but failed.
Three other executives of the company were also arrested on Thursday in connection with the alleged fraud, but have been granted police enquiry bails.
Named as Christine Christabel Boadu, Deputy Managing Director, Kwabena Owusu, Operations Manager and Kwabena Owusu Ababio, Client Relations Manager, they have been charged with abetment of defrauding by false pretences.
Police Corporal Godwin Ahianyo of the Ashanti Regional Police Public Affairs Unit, confirmed the arrest to the Ghanaian Times here, but would not give details as the case was still being investigated.
The Managing Director was said to have collected the money, ranging from GH¢1, 700 and GH¢ 13,000 between November 2011 and April 2012, from the over 26 people to supply them with vehicles.
The company, said to have been established some two years ago had been giving out vehicles such as Urvan buses and taxi cabs to people on hire purchase basis.
And, since the money was collected the vehicles could not be supplied and efforts by the victims to trace the Managing Director proved futile which prompted them to report the case to the police.