Accra, Jan. 17, GNA - A trade financier who allegedly defrauded a contractor of 42,000 dollars under the pretext of securing him a letter of credit to import machines was on Tuesday remanded into prison custody by an Accra Circuit Court in Accra. Moses Osekre, who decided to refund the money, had his problems compounded when two cheques he issued were found to be dud. Osekre, now facing charges of fraud and issuing dud cheques, has pleaded not guilty. He is to reappear on January 24.

Prosecuting Assistant Superintendent of Police (ASP) George Abavelim told the court that about one-and-a-half years ago, Mr William Stanley Owusu, a stone quarry contractor who is the complainant, needed a letter of credit to import heavy equipment for a project. The Prosecution said one Benji and Mr Charles Owusu Ansah introduced Mr Owusu to Osekre, who agreed to use his financial firm to secure him a letter of credit.

Osekre asked Mr Owusu to pay 42,000 dollars, which he did. After taking the money, however, Osekre failed to honour his promise.

The Prosecutor said when Mr Owusu persistently demanded his money or the equipment, Osekre issued two cheques with face value of 30,000 dollars and 12,000 dollars, but they were dishonoured. The Prosecution alleged that Osekre after issuing the cheques abandoned his office and went into hiding.