Ex-MD of Bonghe Microfinance Bank Sentenced to 5 Years for ₦32 Million Fraud

Grace Karka, the ex-Managing Director of Bonghe Microfinance Bank, has been convicted by the Adamawa State High Court for her involvement in a ₦32 million fraud scheme. The Economic and Financial Crimes Commission (EFCC) prosecuted Karka for illegally transferring funds without board approval.

The court found her guilty, sentencing her to 5 years in prison with an option of a ₦3 million fine. Karka was also ordered to restitute ₦29,877,040 to the bank.

The case highlights the consequences of financial misconduct in the banking sector.