Two Directors of Adom Sika Micro Finance Limited have been arrested by the Economic and Organized Crime Office (EOCO) for their inability to render account on how depositors’ funds in excess of GH¢150 million were utilized.

The Executive Director of EOCO, COP Frank Adu-Poku (Rtd.) who confirmed their arrest said the two were unable to provide accounts and explain the utilization of depositors’ funds.

According to COP. Adu-Poku (Rtd.), investigations revealed that one debtor named Kwaku Ansu had defaulted in payment of a loan amount of GHC240 million which account for more than 95% of the loans and advances of the company.

The EOCO boss added that the said Ansu was exposed during investigations because of the amount of the normal and penalty interest that has built up from 2012 based on a facility of GH¢2.7 million and was extended by the company to Ansu.

He stated that the Office would ensure that legal action is taken to recover all properties and assets acquired by the directors with depositors’ funds because they are proceeds of a crime.

This investigations forms part of EOCO’s investigation into the actions of some directors of collapsed Microfinance and Savings and Loans Companies in Ghana.