EOCO probes GH‵27m conspiracy at SIC Savings and Loans

The Economic and Organised Crime Office (EOCO) has launched a formal investigation into an alleged conspiracy that resulted in a financial loss of approximately GH‵27 million for SIC Savings and Loans. The probe seeks to uncover the circumstances surrounding the significant deficit and identify any breaches of financial regulations or criminal conduct that may have occurred within the institution.

Several high-profile individuals have already appeared before investigators to assist with the inquiry. Among those questioned are the Member of Parliament for Suame, John Darko, and the former Managing Director of SIC Life, Amma Frimpomaa Dwumah. According to officials, John Darko has been granted enquiry bail following his cooperation with the ongoing investigation. The involvement of these prominent figures underscores the scale of the allegations and the potential impact on the integrity of the financial sector.

In a statement regarding the proceedings, EOCO emphasized that the investigation is active and currently focused on following various leads. The office clarified that while individuals are being summoned to provide testimony and assist with the inquiry, no final conclusions regarding culpability or criminal liability have been reached. The primary objective remains the gathering of evidence to determine the exact nature of the conspiracy and the movement of the missing GH‵27 million.

This investigation into SIC Savings and Loans comes at a time when regulatory oversight and the strengthening of financial institutions remain a priority for the Ghanaian government. As the inquiry progresses, the findings are expected to provide insights into internal governance structures and the effectiveness of risk management protocols. Further updates are anticipated as EOCO continues its review of financial records and witness testimonies.