A trader believed to be in his mid-thirties, who was allegedly found in possession of fake one cedi coins totaling “GH¢80,000” on Monday appeared before an Accra Circuit Court.

Kwadwo Fenyi, charged with possession of counterfeit coins, pleaded not guilty and the court presided over by Ms Audrey Kokuvi-Tay, remanded him to re-appear on June 20.

Deputy Superintendent of Police (DSP) Abraham Annor, prosecuting, told the court that intelligence report indicated that some group of people had counterfeit coins and were circulating them in the country.

He said sometime in May 2012, Top Credit Financial Services went to UNIBANK Ghana Limited and paid GH¢45,000 which were in one cedi coin denomination into its accounts.

UNIBANK on receipt of the amount, added cedi coins making a total of GH¢180,000 and same were sent to the Bank of Ghana (BoG) for verification.

When BoG was sorting out the coins for sapping and repacking, the counting machine rejected GH¢32,180 worth of one cedi coins because they were fake.

DSP Annor said this prompted BoG to invite the Manager of UNIBANK to explain the anomaly.

The Manager of UNIBANK indicated that it was Top Credit Financial Services that brought in the money.

Following the revelation, the Manager of Top Credit Financial Services was also invited and he confirmed that it was Fenyi who paid the said amount into his account with Top Credit Financial Services’ Account.

UNIBANK subsequently invited Fenyi to its branch at Kokomlemle and was arrested.

The prosecution said during interrogation, Fenyi admitted paying GH¢80,000 coins into Top Credit Services Account at Adabraka.

Preliminary investigations revealed that on April 23, this year, he paid GH¢35,000 and later GH¢45,000 all totaling GH¢80,000.

DSP Annor said Fenyi mentioned one Kuss, a Nigerian, as the one who purchased some assorted goods from him and used the one cedi coins to pay him.

The prosecution said Fenyi however, failed to lead security personnel to arrest the said Kuss.

Security personnel followed up to his residence at Sowutuom in Accra and when his room was searched only seven fake one cedi coins were found but could not explain how he came by that amount.

DSP Annor said investigation into the matter was on-going.**