File photo: Gavel

The Koforidua High Court on Thursday morning ordered for the closure of the Nsawam branch of GCB Bank due to its failure to release GHc 3.7million from the account of Global Coin, a defunct cryptocurrency scheme, which held the investments of customers.

The Court froze Global Coin Community Help’s account with GCB bank Ltd as far back as December 2018 and ordered the bank to release the money to pay customers.

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However, GCB bank Ltd refused to comply with the order on the basis that EOCO had frozen the same account on January 18, 2019, a month after the Koforidua court froze the account.

Speaking in an interview with Accra-based Starr FM, some customers alleged the bank refused to release the money on the instruction of the Economic and Organised Crime Office (EOCO).

“We suspect collusion between some officials of the bank and EOCO to keep our monies unlawfully looking at the circumstances and the frustrations the bank took us through in Court with several motions,” a customer noted.

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In September 2018, Global Coin Community Help (GCCH), which is a cryptocurrency, community, abruptly closed down its offices in Accra, Koforidua and Nsawam after the Bank of Ghana issued a strong warning to unlicensed deposit-taking institutions to stop operating.

Customers of the cryptocurrency firm sensing danger of their lost investments, dashed in groups to petition EOCO to assist them to retrieve their locked up investments.