A man has been sent to jail by an Accra Circuit Court. He is 45 years old.
He is accused of taking GH¢500,000 from over 50 people. This happened through a Ponzi scheme.
The court heard the details of the alleged crime. The man was not granted bail.
He will remain in custody until his next court appearance. The case involves many victims.
The Ghana Police Service is investigating the matter further. They are looking into the full extent of the alleged fraud.
Ponzi schemes promise high returns to investors but pay returning investors with money from new investors. Eventually, they collapse when new investment slows down.
This type of fraud causes significant financial hardship for those involved.
The court is expected to hear more evidence in the coming weeks.