Sekondi, Feb 16, GNA - The Western Regional Police Command on Tuesday warned the public, especially those in the region, to be wary of a private loan financial institution, Consumer Finance Company (CPC), whose agents defrauded people.

Deputy Commissioner of Police Hamidu Sampah Mahama, the Western Regional Police Commander, told journalists that Alfred Quaye, 30, Sales Manager and Daniel Agbesi, 27, sales agent have been arrested and placed in custody pending prosecution.

He said several clients, including teachers and personnel of the Ghana Fire Service, have fallen victims through wrongful deductions from their salaries at the Controller and Accountant General Department through the fraudulent deals of the suspects. Mr Mahama said the suspects normally entered into agreement with their clients on the principal amount that would be taken as loan and the terms and duration of payment.

The suspects later altered the document to read higher amounts and longer duration of payment before presenting it to the Controller and Accountant General's Department.

Mr Mahama said the clients would then be paying the principal amount and interest for a longer period than the original time agreed upon. He said about 90 teachers in parts of the Western Region had fallen victims.

Mr Justice Boahene, Chief Operations Officer of the Consumer Finance Company, has described the turn of events as unfortunate and said the company was a credible financial institution. He said the company is owned by the Social Security and National Insurance Trust with other shareholders and does not intend to indulge in fraudulent deals.

Mr Boahene pleaded with the numerous clients of the company not to be discouraged by the actions of the suspects as steps are being taken to prevent such dubious deals. Mr Boahene said the company, which is four years in existence, has a strong financial base and licensed with the appropriate organizations.