The Financial Intelligence Centre (FIC) has frozen the personal and corporate accounts of the Founder and Chief Executive Officer of Bills Micro-Credit, citing allegations of financial irregularities and possible money laundering activities.
Details emerging also indicate that all personal accounts of the companies’ Founder, Richard Nii Armah Quaye, and CEO, Romeo-Richlove Kweku Seshie, have also been frozen. The action was taken by the FIC in accordance with Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044).
The assessment by the tax officials comes just days after the business magnate’s widely publicized 40th birthday event, which gained traction on social media. The FIC claims that several red flags were raised regarding large, unexplained transfers linked to the microcredit institution.
In a statement, the FIC stated that the freeze was a precautionary measure to prevent future movement of cash while investigations were ongoing. “This is part of our responsibility to promote financial openness and prevent illicit financial activity. “The accounts in question have been frozen pending a full-scale investigation,” the FIC announced.
Meanwhile, Bills Micro-Credit representatives have denied any wrongdoing, describing the freezing as an unwarranted step that could disrupt their operations and harm their customers. “We have always complied with financial regulations. “We will fully cooperate with the authorities to clear our name,” a corporate spokeswoman stated.
Customers and investors of Bills Micro-Credit have expressed concern about the future of their loans and investments. Financial professionals encourage clients to be informed as regulatory actions progress.
The FIC has promised the public that due process would be followed, and the investigation’s conclusions will be made public in due course. The destiny of the company and its CEO remains uncertain while legal actions continue.
As more information becomes available, we will provide additional updates.