A fake financial institution operating in the Juaboso district of the Western region is reported to have defrauded five communities of more than GHC 4 million.

The victims, who are mainly cocoa farmers and traders, were said to have been lured into depositing their monies at the bank called Gye Nyame financial association and in order to access loans within 48 hours, as well as fantastic interest after three months of saving.

The suspects reportedly designed loan forms with the country’s coat of arms and fake letters from the Accountant General’s department declaring the support of the Central bank for it to operate at Juaboso as a loans and savings institution.

The unsuspecting customers sent their monies there, and at the end of the third month, they were given forms to apply for loans.

Before the middle of the fourth month, the managers of Gye Nyame financila institution vacated their premises and left their headquarters at Juaboso.

The employees of the bank gave the names of those who established the bank as Frank Fiifi Ameyaw, who is currently in police grips, while the rest, Ebow Silas , Jeff, Noah and Asante are currently at large.

According to the employees who are now facing the wrath of the customers daily mobilisation amounted to millions of Ghana cedis since farmers lodged their monies with the company, in anticipation of accessing loans after three months.

They said the four suspects told the people that those who wished to purchase vehicles could deposit any amount they had to enable them access loans after three months.

"They told us that their bankers area the Ghana Commercial bank and Barclays bank and therefore, they have to travel to Takoradi to deposit the monies there" , one of the employees said.

One of the employees, Mr. Salifu Seidu , said that he was a native of Juaboso and recruited by the officials to mobilise savings from customers.

He said apart from the daily mobilisation, the farners responded positively to the vehicle loan and deposited huge sums of  money.

"At the end of the third month, we had a lot of people trooping to our office for loans, but our bosses were no where to be found", he said.

He mentioned some of the communities they mobilised monies from as Buaboso, Asempanye, Pomoya, Bonsu, Nkwanta and other cocoa growing communities.

The police confirmed the arrest of Ameyaw, who is helping them in their investigation.