Michael Nyinaku, the man who established the now-defunct BEIGE Bank, is being accused of stealing and money laundering once again.
Even before these latest allegations surfaced, he had been indicted on counts of stealing more than GH340 million before a circuit court.
When Beige Bank had its license terminated in August of 2018, a study of the bank’s financial and other records found several questionable and odd activities, which were then reported to authorities. This is according to the current case before the High Court.
According to the findings of the investigation, Mr. Nyinaku utilized many different channels to send enormous quantities of money to firms that were affiliated with him and that benefited him between 2015 and 2018.
Depositors’ monies held at Beige Bank were used to make the transfer.
Without the clients’ knowledge or agreement, Mr. Nyinaku transferred GH448,636,210.21 from 10,071 fixed deposit accounts maintained with Beige Bank during 2017 and 2018 to Beige Capital Asset Management Limited (BCAM).
It was also discovered via investigations that Mr. Nyinaku had facilitated the transfer to the Beige Group of 35 fixed deposit investments belonging to 23 clients of Beige Bank between 2017 and 2018. The total value of these transfers was GH141,042,348.92.
Further investigation found that Mr. Nyinaku created a second bogus account in the name of First Africa Savings and Loans (FASL), an existing account holder with Beige Bank, without the knowledge of FASL’s Board of Directors and management.
Afterward, Mr. Nyinaku arranged for GH320 million to be transferred from the accounts of several Beige Bank clients into the bank account of BCAM maintained with Beige Bank.
Finally, Mr. Nyinaku utilized payment vouchers to divert GH1,465,000.00 in depositors’ cash from Beige Bank to himself and others between 2015 and 2017.
The bank’s general ledger entry for these transactions was titled “Directors Account.”
The investigation also uncovered that the suspect had directed the transfer of GH20,599,052.58 from depositors’ monies deposited with Beige Bank to multiple firms and persons for his own profit via payment vouchers, emails, and memoranda.
The bank’s general ledger entry for these dealings was labeled “Shareholder’s Account.”