Michael Nyinaku, the founder of the now-defunct BEIGE Bank, has been charged again with theft and money laundering after being accused of stealing more than GH340 million in a circuit court previously.
According to the circumstances of the newly filed lawsuit before the High Court, numerous suspicious and unusual transactions were discovered in Beige Bank's financial and other documents after its license was terminated in August 2018 and were later reported.
Investigations showed that between 2015 and 2018, Mr. Nyinaku transferred enormous quantities of money to businesses affiliated with him and for his own advantage using a variety of methods.
The money that was moved came from deposits made at Beige Bank.
Without the knowledge or consent of the customers, Mr. Nyinaku arranged for Beige Capital Asset Management Limited (BCAM) to receive 10,071 fixed deposit accounts held with Beige Bank, in which different customers had invested a total of GH448,636,210.21 between 2017 and 2018.
Investigations also turned up evidence that Mr. Nyinaku arranged for 23 Beige Bank customers to transfer 35 fixed deposit investments totaling GH141,042,348.92 to the Beige Group between 2017 and 2018.
Investigations also showed that, without the knowledge of the Board and management of First Africa Savings and Loans (FASL), Mr. Nyinaku forced a false second account to be established in March 2018 in the name of FASL, a company that already had an account with Beige Bank.