Michael Nyinaku, a former Managing Director of Beige Bank, have been remanded by an Accra Circuit Court for money laundering. Michael Nyinaku, made his first appearance in court on Tuesday and denied the charges of any wrongdoing.
He is being held accountable for laundering in excess of GH¢340million allegedly belonging depositors. Court document revealed that, the former CEO of Beige Bank and owner of PillPoint pharmacies across Accra, created a secret bank account and stashed it with GH¢340 million. And this is blatantly in breach of banking laws in Ghana.
He has been remanded and is currently in police custody. His lawyers submitted a bail application to the court which was denied and thrown out by the court.
Beige Bank is part of the banks that were ceased and taken over by the BoG which is now CBG the acronym for Consolidated Bank Ghana.