United States based company, equity fund and securities Investment Company has sued the founder and former flagbearer of the Progressive People’s Party (PPP), Dr Papa Kwesi Nduom of money laundering, wire fraud and others
He is sued for been accused of laundering a total of $63,000,000.
“The Nduom family defendants, by and through their ownership, control and use of defendants GN Bank, Gold Coast Fund Management and over 60 undercapitalised interrelated companies, collected several million dollars of depositor’s saving, investment contributions and insurance premiums, and in violation of U.S. and Ghana laws illegally laundered approximately $63,000,000 of depositors’ funds through its Virginia-based sham ‘procurement and consulting service’ company, International Business Solutions,” it stated.
The writ stated that the believed “criminal scheme” absorbed “international money wire system of inflated, over-invoiced and above-market rate fees disguised as payment for ‘management service’”.
Attached is the writ
By: New Desk