In a recent development, Mr. Dawda M. Hafisdeen, former Chief Financial Officer (CFO) of the now defunct Beige Bank, has come forward to address allegations of siphoning customers' money as claimed by the prosecution.
During his testimony as the first witness for the defense counsel, Mr. Hafisdeen refuted the claims made by Mr. Julius Ayivor, the main prosecution witness and leader of the investigation team. He disagreed with Mr. Ayivor's assertion that customers' accounts were debited without their consent. Mr. Hafisdeen emphasized that if such unauthorized debiting had occurred, at least one of the over 10,000 affected customers would have lodged a complaint.
Furthermore, Mr. Hafisdeen clarified the distinction between fixed deposit accounts and current accounts, highlighting that fixed deposits involve funds borrowed by the bank from customers or loans given by the bank's customers. These transactions are governed by specific terms including interest rates, tenure, conditions for early payment, and actions upon maturity.
Mr. Hafisdeen also addressed the process of moving funds in banking practice. He explained that in normal banking operations, no individual, including the accused person or the Chief Executive Officer (CEO), could unilaterally initiate the transfer of funds from a customer's current account unless they were signatories to that account. He emphasized that the bank solely controlled the transaction platform and could not arbitrarily debit a customer's account and credit the funds to another customer's account without explicit consent.
Additionally, Mr. Hafisdeen dismissed the notion that customers were unaware of their accounts being debited by the bank and credited to another entity. He stated that such actions would not align with normal banking practices. Furthermore, he challenged the assertion that the 10,000 plus customers received investment certificates related to funds moved from their accounts, emphasizing that they would have rejected these certificates if the transfers had indeed been made without their consent.
The case revolves around allegations of theft and money laundering, with Michael Nyinaku being charged with these offenses, which he has denied.
As this legal process unfolds, it is essential to consider all testimonies and evidence presented in a thorough and impartial manner to ensure that justice is served. The complexities of banking operations and financial transactions require meticulous scrutiny, and it is imperative to allow the legal proceedings to run their course to ascertain the truth in this matter.
It remains to be seen how this case will progress, and it underscores the significance of upholding integrity and transparency in financial institutions for the protection of customers' interests and the maintenance of public trust.
-source GNA | curated by Tetteh Belinda| Ghana Crimes
