In a front-page story, the Accra Mail says the brains behind the Pyram financial scandal that led to the stealing of billions of cedis belonging to unsuspecting depositors, are back in town. The Accra mail says Pyram was a phoney non-banking financial institution that emerged. In 1995 and promised huge interest payments to people who deposited their monies with it.
According to the paper, the response was overwhelming as people, including hawkers and serving military officers, rushed and deposited various sums of money.
The paper says the early clients of Pyram cashed their bonuses and went home happy. But the Accra Mail says that it proved costly in the long run, as the signs on the wall showed that the interest payments could not be sustained.
The paper notes that the Bank of Ghana did not intervene though it was aware that company’s operations were inimical to the economy. The paper says barely three years of operation, the company tumbled and a good number of depositors lost huge sums of money.
