Enock Mawuli Sabah Kugbedzi, the proprietor of DEK-NOCK and head pastor of Kingdom Chapel International in Nungua-Buade, has appeared before an Accra Circuit Court after being arrested for allegedly operating a deposit-taking institution without a license from the Bank of Ghana (BoG).
Kugbedzi, who was represented by legal counsel, pleaded not guilty to the charge of “operating a deposit-taking institution without a license.” His arrest on July 19, 2024, led to the retrieval of substantial cash amounts from his offices in Ashaiman and Nungua, totaling GH¢265,049 and GH¢793,122.60, respectively.
Presiding over the case, Judge Isaac Addo granted Kugbedzi bail in the sum of GH¢500,000 with two sureties, despite the prosecution’s request for remand. Kugbedzi has been instructed to report to the case investigator every Friday until further notice. The prosecution, led by Assistant Superintendent of Police (ASP) Seth Frimpong, opposed the bail, arguing that the investigation is still ongoing. Kugbedzi’s defense team, led by Paul Asibi Abarigah, assured the court that their client would comply with all trial requirements.
The court was informed that the complaint against Kugbedzi originated from Wing Commander Kwame Asare Boateng (retired), head of security at BoG. On June 28, 2024, the Criminal Investigations Department (CID) headquarters received a petition from BoG requesting an investigation into the activities of DEK-NOCK. The prosecution stated that DEK-NOCK was allegedly operating without the necessary license from the central bank, with offices located in Nungua and Ashaiman.
Following this information, the Ghana Police Service conducted initial investigations. On July 19, 2024, a team comprising CID and National Operations Directorate personnel, along with BoG officials, conducted searches at DEK-NOCK’s offices. At the Ashaiman branch, the team seized transaction books, customer passbooks, an HP laptop, and GH¢265,049 in cash. At the Nungua branch, Kugbedzi was arrested, and authorities confiscated clients’ passbooks, loan forms, transaction records, a server, a hard drive, six computer system units, and GH¢793,122.60 in cash.
The prosecution has indicated that investigations are ongoing as the case proceeds in court.