Yet another savings scandal seems to have rekindled fear in the savings and loans sector in relation to Savings and Loans Company squandering the investments of depositors, after Safeway Estate Ltd, a local company was unable to pay back the savings of their investors.
In what is suspected to be another microfinance bust like DKM, the office of the company located on the Spintex road has been closed down for some weeks now.
Several persons who have invested thousands of cedis have for some days now been visiting the premises to retrieve their money but to no avail.
The company has been operating for about five years now. It started with tilapia farming but diversified into real estate.
Officials of the company had promised investors between 80 and 100 percent on their investment. They actually encourage long term investments.
A number of unsuspecting customers invested huge sums of money into the company with the hope of receiving their interest as promised.
But Safeway Estate Ltd was unable to deliver on the promises.
Efforts by customers to retrieve their investments and interests since December 2014,have proved futile.
After several failed promises, some of the frustrated customers decided to go to court.