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14.07.2005 Regional News

Business Executives attend Seminar on Business Fraud.


Takoradi, July 14, -GNA- High technological advancement has in its wake introduced and facilitated certain vices including sophisticated economic crimes like fraud that had become a bother to many countries and individuals.

The most disturbing aspect of it is that people who engage in such criminal activities are those who are least suspect to be involved, such as religious leaders, politicians, chiefs, managers and senior public and civil servants.

Mr. Ken Yeboah. Head of Training, Research and Planning of the Criminal Investigations Department (CID) of the Ghana Police Service has therefore urged those in authority who wish to protect their business or institutions' interests to be security conscious all the time. Mr. Yeboah was speaking on the topic, "Business and organisation fraud: impact, detection and prevention" at a day's seminar for top personnel of some private and public institutions in the Western Region at Takoradi on Thursday.

Personnel who attended the seminar that was organised by the Western Regional Chamber of Commerce and Industry were from the Banks, Security Agencies, Educational Institutions and officials from the private and public sectors.

Mr. Yeboah said business fraud exists to make certain organized gangs, institutions and individuals wealthy, powerful and recognised at the expense of their victims who are individuals, business and states to undermine political and socio-economic stability. He said a recent report on economic crime survey in Ghana revealed that 35 private and public companies lost an average of more than 800,000 US dollars each through economic crimes.

"All businesses are at risk from fraud and in our environment where 'I give my case to God' has become an anthem, nothing or very little is being done to prevent fraud," he noted. Mr. Yeboah said fraud could be committed in an infinite number of ways on unsuspecting people and advised participants to be alert, open their eyes widely in dealing with documents and strangers in order not to fall victim to fraudsters.

He also talked about types of fraud, motive for fraud, factors that facilitate fraud and their impact on individuals and society. Mr. Samuel Akuffo, a State Attorney at Sekondi said "evaluation of contemporary business fraud, impact, perpetrators, modus operandi and legal solutions" have become vital in business transactions world-wide. Osahene Katakyi Busumakura III, Takoradimanhene who presided, said business fraud poses a big challenge to officials of public and private institutions and advised participants to be wary not to fall victim to fraud.

This, he said, was because their various organisations and they as individuals have image and reputation to protect.