Six arrested over alleged GH¢500,000 loan scam targeting 500 traders

Six people have been arrested over an alleged GH¢500,000 loan scam targeting 500 traders. The arrests occurred after more than 500 traders at Kakraba Down and nearby communities in the Gomoa East District were allegedly defrauded of over GH¢500,000 in a suspected loan scam. The victims accuse Royal Drive Group, a loan company, of collecting deposits from prospective clients before its manager allegedly absconded with the funds.

The aggrieved traders stated the company convinced them to enrol in various financial packages, including loan facilities and "work-and-pay" schemes for Voxy vehicles and tricycles. Prospective applicants were required to purchase application forms and registration cards at GH¢70 before making deposits based on the loan amount. Traders deposited amounts ranging from GH¢700 to GH¢45,000 after being assured they would receive their loans on Tuesday, August 4. On the scheduled date, they allegedly found only application forms and office furniture, and the manager was missing. The incident was reported to the Millennium City Police, who arrested six employees. Police state the company's manager, believed to be the principal suspect, is on the run, and efforts are underway to locate and arrest him. Investigations are ongoing.