The founders of UT Bank, Mr Prince Kofi Amoabeng, and Beige Bank, Mr Michael Nyinaku have both been charged with allegations that they stole money owned by their clients an equivalent of $17.76 million and $60.71 million respectively. As a result, the two of them have been arraigned before an Accra Circuit Court on Tuesday afternoon with charges of money laundering. Further investigation into the matter revealed that Mr Amoabeng had invited customers to invest in his bank, and later moved the money into the account of a parent company of the bank, while Mr Nyinaku was accused of moving investors’ money into a secret account in his control.
