Busted: How a loan fraudster was caught and reported to the Financial Intelligence Centre
He was so confident he could defraud us using seemingly legitimate loan requests, but our rigorous internal control systems unveiled his diabolic scheme.
On December 12, 2022, we received an online inquiry about our loan processes, and terms, via our designated WhatsApp channel. The person inquiring wanted info on how to get a GH¢60,000 loan to procure a KIA Rhino truck to haul Yam from the Northern region. Interestingly his business was legally authorized per the articles of association, to engage in CCTV installations, construction, and other civil works. Albeit the initial screening process triggered a “fraud alert” alarm, we deliberately proceeded to obtain all KYC documents (bank statement, Ghana card, MoMo statement, business registration certificates, etc.) just to have sufficient evidence for a dossier if it becomes imperative to submit a suspicious activity report to the Financial Intelligence Centre (FIC).
Dear frausdter, please know this: no matter your modus operandi, thy cup shall be full one day.
So in short, the request was declined the first time. True to our suspicion, the same person inquired again about terms and conditions for a new loan of GH¢100,000, on March 25, 2023, via the same WhatsApp channel, believing, perhaps that we had no records of the past attempt. Long story short, he was confronted and warned to cease and desist, after which we submitted a Suspicious Activity Report to the Financial Intelligence Centre on Monday, March 27, 2023. In the report, we alleged forgery of official documents (including a forged bank statement issued on the letterhead of a very notable bank) in an attempt to commit loan fraud. All supporting documents and info (including the IP address of the fraudster’s location device) were submitted to FIC. The matter is currently under investigation.