On January 13, 2020, the co-founder of the defunct UT Bank, was arrested alongside Michael Nyinaku, the founder of the defunct BEIGE Bank, in connection with the collapse of their banks.
Amoabeng was accused of stealing about GH¢51.33 million and $8.6 million belonging to the customers of his bank.
He appeared before the Accra Circuit Court the same day he was arrested on charges of stealing and money laundering.
The prosecutor accused Amoabeng of using UT Bank to invite people to invest with the bank, but failed to credit the investors’ accounts and rather transferred the money to UT Holdings, the parent company of the defunct bank.
Reacting to this, Sarkodie took to Instagram to throw his weight behind the embattled businessman and banker.
He told him that ‘life is too short to always keep a straight face so sometimes we.’
He shared a photo gallery with the business man and captioned: “CATO!!! You know the code but Life is too short to always keep a straight face so sometimes we.”
Sarkodie and Mr Amoabeng have been friends for sometime now. He was at Sarkodie’s 'Highest Feast' held in 2018 and also went on Vodafone's X-Men tour in 2017.