An Accra High Court, overseeing the criminal trial of the defunct gold dealership firm Menzgold, has directed Nana Appiah Mensah’s legal team to submit witness statements by October 26, 2024.
The trial judge specified that the three-month period is adequate for the defense to secure witness statements and for the prosecution to review them before the case resumes after this year’s legal vacation.
The defense attorneys for the embattled businessman indicated their intention to present “more than three witnesses” during the ongoing trial. This development follows the court’s recent dismissal of a submission of no case from the CEO of Menzgold.
On July 11, Justice Ernest Owusu-Dapaah ruled that the CEO of Brew Marketing Consult and Menzgold must respond to the charges against them.
The case involves 39 counts of various offenses, including operating without a license, deposit-taking activities, inducement to invest, fraud by false pretenses, breach of trust, and money laundering exceeding GH₵340 million.
The prosecution concluded its case after presenting nine witnesses.
The court must now determine whether sufficient evidence has been provided for the case to proceed.
According to court procedures, following the prosecution’s case, the court will decide whether the evidence presented justifies continuing with the trial based on the submissions and arguments presented.
In a detailed 110-page ruling, Justice Owusu-Dapaah confirmed that the prosecution had proven that Menzgold and its CEO were engaged in the sale of gold.
Embattled CEO of the defunct gold dealership firm Menzgold, Nana Appiah Mensah, also known as NAM1 has announced that his legal team is prepared to mount a defense against the 39 charges brought against him, including offenses like selling gold without a license, operating an unlicensed deposit-taking business, inducing investments, fraud by false pretense, breach of trust, and money laundering.
After the Accra High Court’s decision on July 11, NAM1 maintained his innocence and expressed readiness to comply with legal proceedings.
He clarified that his legal team intends to explore all legal options available for redress, emphasizing their commitment to observing their rights under the law.
Following the court’s ruling, which dismissed a no-case submission but found insufficient evidence for specific charges, NAM1 stated that he and his legal representatives will proceed accordingly, potentially opening their defense as necessary.
“I read in the section of the media that said that we are afraid to open defence. No, nobody is afraid to open defence. For six to seven years we have been here.
“We have subjected ourselves as law abiding citizens to what the law says all through from the Circuit court to the High court.
“The law permits us to observe our right of redress and it is for us to waive that right or exercise it but I will speak to my lawyers to come to that conclusion or otherwise,” he stated.
He continued: “When we exhaust all the legal remedies and it becomes inevitable and we need to open the defence why not? We will gladly and enthusiastically open our defence.”
In the trial of Menzgold Ghana Limited’s CEO, Nana Appiah Mensah (NAM1), and two others, the eighth prosecution witness testified that the accused extorted money from customers while attempting to recover locked-up funds.
NAM1 and his companies, Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited, face charges of defrauding by false pretences, inducing public investment, and money laundering.
The witness, Benjamin Baffoe, revealed making GH¢840,000 in Menzgold between December 2017 and June 2018. Despite efforts through the Coalition of Aggrieved Customers to retrieve funds, customers were asked for additional payments.
Various attempts, including a migration fee and retrieval fees, proved unsuccessful, leading to accusations of extortion from customers.
“Menzgold again asked customers to pay nine per cent of their existing investments to retrieve their money but just like the other payments, this also failed to produce any result.
The case has been adjourned to February 7, 2023, with NAM1 pleading not guilty to 39 counts of charges, including selling gold without a license and money laundering.
The allegations involve defrauding customers of GH¢340,835,650 between 2016 and 2018. NAM1 is on bail of GH¢500 million with four sureties.
Prosecution’s facts detail how Menzgold invited the public to deposit gold for promised profits, with over 16,000 people depositing money.
Despite warnings and SEC’s directive to suspend operations, NAM1 and Menzgold continued, leading to financial challenges for customers. Investigations revealed funds were transferred to Zylofon Media and used personally by NAM1.
The fraudulently obtained money remains unpaid following Menzgold Ghana Company Ltd’s revoked license.
A trader who entrusted GHC760,000 to Menzgold has come forward with allegations of assault against the Chief Executive Officer, Nana Appiah Mensah.
The investor, along with other aggrieved customers, recounts an incident where they confronted Mensah to demand the return of their funds, resulting in an alleged assault.
The unfolding situation adds another layer to the controversy surrounding the defunct gold dealership firm.
During her testimony at the Accra High Court on Tuesday, January 23, Priscilla Adu Boateng, the fifth prosecution witness, revealed that the ex-CEO of Menzgold Ghana Ltd reportedly displayed a firearm when confronted by customers seeking the release of their invested funds and accrued interest.
“All the demands on Menzgold from us did not yield any returns, rather Nana Appiah Mensah assaulted us.
“On 8th January 2020, he pulled out a gun when we went to his house in Trassaco to demand our money.
“I am a single mother with four children, and these investments were made in furtherance of their education.
“My business is not thriving, and I am in the process of selling my house to make ends meet.
“I, therefore, demand that Menzgold, Brew Marketing and Nana Appiah Mensah are made to pay my locked-up investments.”
When the case was called, led by the Director of Public Prosecutions, Yvonne Attakora Obuobisa, Priscilla Adu Boateng submitted her witness statement to the court.
She indicated that she first heard about Menzgold and was drawn towards investing after seeing a billboard advertising the same.
After a year of convincing by an executive of the gold dealership firm, she finally got on board and invested in the Kasoa branch of Menzgold.
The court discharged Madam Adu Boateng after adopting her witness statement into evidence and the decision of Kwame Boafo Akuffo, the lawyer for NAM1 not to cross-examine her. The case, which is being heard daily, has been adjourned to Wednesday.
Together with his companies, Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited, Nana Appiah Mensah has pleaded not guilty to a plethora of charges including selling gold without a license, operating a deposit-taking business without a license, inducement to invest, defrauding by false pretense, fraudulent breach of trust and money laundering.
He has been charged with 39 counts of these offences amounting to GHC340,835,650. NAM1 is currently on a GHC500 million bail with four sureties.
For the second time, Justice Ernest Owusu-Dapaah, serving as an additional High Court judge, has cautioned lawyer Kwame Akuffo about displaying disrespect in court, this time extending the warning to include a State prosecutor.
The judge, overseeing the trial of Menzgold Ghana Limited’s CEO, Nana Appiah Mensah (NAM 1), emphasized that even if the lawyer boasts 100 years of experience at the Bar, he won’t hesitate to impose jail time for continued disrespect in open court.
Justice Owusu-Dapaah explicitly stated that not even President Akufo-Addo could intervene, except through a presidential pardon, indirectly alluding to the family connection between Kwame Akuffo and the President.
The warning came after a heated exchange between Director of Public Prosecutions, Yvonne Atakora Obuobisa, and Kwame Akuffo, who had earlier clashed with the judge.
In response to the altercation, the judge asserted that he would not tolerate disrespect in his court and threatened contempt charges leading to imprisonment.
“Not even the President can sway my decision unless he exercises the Presidential Pardon,” cautioned Justice Owusu-Dapaah.
He made it clear that, despite any legal experience, failure to respect the court’s sovereignty might result in imprisonment.
Emphasizing the need for decorum and decency in court proceedings, the judge stated, “this is the atmosphere we must maintain in the courtroom.”
Popular and controversial Ghanaian socialite Afia Schwarzenegger is cautioning Ghanaians about Nana Kwame Bediako, popularly known as Cheddar, following his revelation that he is the force behind ‘The New Force’ political movement.
Afia Schwarzenegger drew parallels with the situation involving the CEO of Menzgold Company Limited, Nana Appiah Mensah (NAM1), whose company has faced challenges in meeting customer demands.
She urged Ghanaians not to forget the lessons from the Menzgold issues and to be wary of Cheddar’s promises to rescue the country from its current difficulties. In a TikTok live session, she likened Cheddar to the new NAM1, advising against trusting his salvation message.
“Not all that glitters is gold; what NAM1 was doing was so fraudulent that it was only idiots that couldn’t see. You all fell for it and now how far did it go? How much of your locked funds have been paid? How many press conferences have you done so that he is still sitting on the money? You haven’t been paid yet, and you are allowing him to rebrand this boy to you, saying that we need salvation.
“If we need it, is it a person with fraudulent papers who will give us salvation? Why didn’t Freedom [Cheddar] use his actual name to hire Independence Square if he knew what he was coming to do was so genuine? Arise, Ghana youth,” she said.
Cheddar made an official announcement, revealing himself as the driving force behind The New Force political movement. This revelation came after the planned convention program at Independence Square was abruptly cancelled at the last minute due to unforeseen circumstances.
The news stirred diverse reactions on social media, with some expressing skepticism about his prospects of leading the country.
Cheddar’s message
Speaking at his unveiling, Cheddar disclosed he had a vision for the continent.
“I am nothing to be scared of. I came to you as your salvation. I don’t invest in myself alone. I am investing in you,” he said of his plans for Ghana and Africa.
“We need to educate. We need to uplift our children. We need to voice out to them. You are about to find out about this man in the mask because I never spoke a word; you were looking for me.
“I didn’t tell you whether I am into politics, whether I am an evangelist, whether I am a conventionist or a revolutionist. After this day, you will have to wait for me to share my policies and my visions with you,” he stressed.
He emphasised that the events of January 7 had given him enough reason to disclose his political identity.
“And if I’m the reason why the country or the government is not happy about these great voices coming to educate not only Ghana but also Africa, then I take this moment to sacrifice myself, to unveil myself, because I have much respect for these great leaders beside me.
“I would have taken my own time to tell you that I am. But for this very moment, I am sacrificing myself to let you know that I’m that man.
“But I’m that man with a good purpose and a great vision. I have a plan, and I have a vision for this nation. And not only for this nation; I have it for Africa too.
“But I know Africa is the next biggest thing because out of all the continents that have been developed in this world, there is only one continent that is not developed and I am sent to do that,” he added.
The lawyer for the defunct gold dealership firm, Menzgold, while in court on Wednesday told a customer who invested more than GH₵5 million but could not earn the same or more that “you simply took an investment risk and lost out.”
During the cross-examination of the prosecution witness, Lawyer Kwame Akuffo questioned the witness, a civil engineer, about the perceived risk he took by investing heavily in Menzgold.
The civil engineer, Stephen Attippoe, explained that he relied on representations made by Nana Appiah Mensah, Menzgold, and the Brew Marketing Consult. However, he later discovered that the accused persons were operating without the necessary licenses.
Stephen Attipoe invested GH₵5.2 million within three months and received a lump sum of GH₵502,000. He had seven separate trading agreements with Menzgold, making all purchases at the Brew Marketing Consult office located at Spintex.
The witness clarified that the Menzgold trading agreements were produced and signed at the Tema Branch Office, following the laid-down procedure of the company. The documents obtained from Menzgold for each transaction included gold trading agreements, purchase of gold receipts, gold vault service receipts, and receipts for commissions on each transaction.
The details provided indicate that on various dates between June 1, 2017, and July 27, 2018, Stephen Attipoe made a total of seven investments with the accused persons involving the purchase of gold from Brew Marketing Consult. The breakdown of the transactions is as follows:
June 1, 2017: Purchased 5 kilograms of 22-carat pure gold, paid GH¢1 million, and a commission of GH¢64,500 (6.4%).
June 5, 2018: Purchased another 5 kilograms of 22-carat pure gold, paid GH¢1 million, and a commission of GH¢64,500 (6.4%).
June 1, 2018: Purchased 5 kilograms of 22-carat pure gold, paid GH¢1 million, and a commission of GH¢64,500 (6.4%).
June 1, 2018: Purchased 3 kilograms of 22-carat pure gold, paid GH¢600,000, and a commission of GH¢80,700.
June 27, 2018: Purchased 3 kilograms of 22-carat plus gold, paid GH¢600,000, and a commission of GH¢80,700.
July 23, 2018: Purchased 4 kilograms of 22-carat gold, paid GH¢800,000, and a commission of GH¢50,600.
July 27, 2018: Purchased 1 kilogram of 22-carat gold, paid GH¢200,000, and a commission of GH¢12,900.
In total, Stephen Attipoe invested GH¢5,200,000 for a total of 26 kilograms of gold and paid a cumulative non-refundable commission of GH¢335,400 for these investments.
In July 2018, Stephen Attipoe received a lump sum payment of GH¢504,000 from Menzgold as his monthly 12% interest on the twenty-six kilograms of gold, as per the agreements signed.
In September 2018, he received an ECOBANK cheque with a face value of GH¢240,000 from Menzgold as his interest on only ten kilograms of gold. However, when he presented the cheque at the Tema Main branch of ECOBANK, the cheque was dishonored.
Charges against Nana Appiah Mensah and two others
The Attorney General has filed 39 counts of fresh criminal charges at the High Court against Nana Appiah Mensah, the Chief Executive Officer (CEO) of Menzgold Ghana Company Limited, also known as NAM 1. The charges were brought after more than 36 appearances without a trial over three years, 11 months at the Circuit Court, awaiting the Attorney-General’s advice.
In the new charge sheet at the High Court, NAM 1, Menzgold Ghana Company Limited (MGCL), and Brew Marketing Consult Ghana Limited face various charges, including selling gold without a license, operating a deposit-taking institution without a license, inducement to invest, defrauding by false pretences, fraudulent breach of trust, and money laundering.
According to the facts presented to the court, the accused persons, under false pretences, obtained over GH¢1.68 billion from their customers and have not recovered the money since.
The trial of Nana Appiah Mensah, also known as NAM1, the CEO of the defunct gold dealership firm Menzgold, commences today, Wednesday, December 20, 2023.
‘The prosecution is set to present the first of its 11 witnesses in the case.
The presiding judge, Justice Ernest Owusu-Dapaa, a Justice of the Court of Appeal sitting as an Additional High Court judge, has expressed the intention to deliver judgment by March 2024, providing this assurance after the successful completion of the Case Management Conference (CMC).
The prosecution is set to present the first of its 11 witnesses in the case.
The presiding judge, Justice Ernest Owusu-Dapaa, a Justice of the Court of Appeal sitting as an Additional High Court judge, has expressed the intention to deliver judgment by March 2024, providing this assurance after the successful completion of the Case Management Conference (CMC).
NAM1 entered a plea of not guilty to 39 counts on an amended Charge Sheet filed by the prosecution on November 16, with charges ranging from selling gold contrary to section, operating a deposit-taking business without a license, and inducement to invest.
The charges also include 22 counts of defrauding by false pretenses, seven counts of fraudulent breach of trust, and seven counts of money laundering.
While the latest Charge Sheet resembles the previous one, the total sums involved have reduced from GHc1.6 billion to GHc340 million.
Justice Owusu-Dapaa mentioned that the court is open to the option of Plea Bargaining if the parties wish to explore that avenue. The prosecution’s testimonies from all 11 witnesses are anticipated to last for a total of 35 hours.
Former Chief Executive Officer of Menzgold, Nana Appiah Mensah, popularly known as NAM1, has revealed plans to organize a protest against the government of the United Arab Emirates (UAE).
The protest is scheduled to take place at various UAE embassies, including the one in Ghana.
In a post shared on X on Monday, November 20, 2023, NAM1 announced that the demonstration, expected to draw 2000 participants, aims to demand a $30 million compensation for what he claims was his unlawful detention by the UAE government.
Additionally, he stated that the protest will also serve as a platform to seek payment of outstanding arrears amounting to $43.8 million owed to him by a UAE-based entity.
“Brace up friends, for a 2,000-man protest at the UAE embassy in Ghana and elsewhere overseas SOON, to claim a USD$43.8 million dollars (750kg of Gold) owed me and another USD$30 million dollars as compensation, for my unjustifiable detention by the Dubai Police in 2018/2019,” he wrote.
Nana Appiah Mensah, commonly known as NAM1, has shared a collection of documents, among which is a letter dated June 11, 2018. This correspondence was directed to Horizon Royal Diamond DMCC, a Dubai-based firm, urging the settlement of a gold purchase agreement.
Included in the disclosed documents were particulars of NAM1’s arrest by the Dubai Police, primarily documented in the Arabic language.
It is noteworthy that on January 14, 2018, Assistant Commissioner of Police, David Eklu, officially confirmed the apprehension of Nana Appiah Mensah, the Chief Executive Officer of Menzgold Ghana Limited, by Dubai authorities. The arrest was linked to a problematic gold deal.
“His arrest in Dubai is to facilitate investigations into suspicions that he had involved in a gold trading deal gone bad within the Emirati jurisdiction,” He told the media.
A Ghanaian court issued a warrant for NAM1’s arrest after his gold dealership failed to reimburse the client for their money.
Brace up friends, for a 2,000 man protest at the UAE embassy in Ghana and elsewhere overseas SOON, to claim a USD$43.8 million dollars (750kg of Gold) owed me and another USD$30 million dollars as compensation, for my unjustifiable detention by the Dubai Police in 2018/2019.🇬🇭 💪🏽 pic.twitter.com/WbDxuJ85ga
Coalition of Aggrieved Customers of Menzgold, Ghana, has called on the Attorney General to exercise caution in distributing the GH¢2.5 million handed over by Nana Appiah Mensah (NAM1), the embattled CEO of the now-defunct Menzgold company.
In a petition dated November 17, the customers urged the Attorney General to avoid disbursing funds to a list provided by NAM1, expressing concerns about the list’s credibility and the potential for discrimination.
The Attorney General, Godfred Yeboah Dame, had confirmed that NAM1 had delivered GH¢2.5 million to the authorities, which is currently held in an exhibit account at the Bank of Ghana, awaiting further instructions.
The Coalition of Aggrieved Customers of Menzgold, Ghana, in its petition, cautioned the Attorney General “not to succumb to any pressure from NAM 1 nor any amorphous group to disburse the GH¢2.5 million paid by NAM 1 to the so-called attached list since we cannot verify the credibility of the so-called names.”
The coalition reiterated its endorsement of the initial decision made by the Attorney General and the Ghana Police Service to keep the funds in the exhibit account, considering the ongoing court proceedings related to the Menzgold case.
“We do agree with the initial decision taken by the Honourable Attorney General and Ghana Police authorities that the money be kept in the exhibit account since the matter is pending before the court.
Nana Appiah Mensah should never be allowed to determine who should be paid first or last. All customers are entitled to their money at the same time, and as a coalition, we will resist any attempt by NAM1 and his Menzgold to discriminate against customers in the matter of payment”, they stated in their petition.”
Chief Executive Officer of the now-defunctMenzgold Ghana Limited, Nana Appiah Mensah, commonly known as NAM1, claimed to have deposited GH¢5 million with the Ghana Police Service.
According to NAM1, this amount was intended for distribution to customers of the collapsed firm as part of a reimbursement process.
However, the government has refuted these claims.
The Attorney General and Minister for Justice, Godfred Yeboah Dame, addressed the issue in Parliament, stating that only GH¢2.5 million was received from NAM1, contradicting the reported GH¢5 million.
NAM1 had specified that the funds were meant for customers who successfully completed a verification process conducted by Menzgold, including those eligible for a GH¢2.5 million judgment debt.
The discrepancy between NAM1’s statementand the government’s response adds to the ongoing complexities surrounding the Menzgold saga.
The accurate amount deposited and the subsequent distribution process remain points of contention between the involved parties.
“The record I have before me indicates that an amount of GH¢2.5 million was paid, so the claim of GH¢5 million having been paid to the Ghana Police Service is untrue. It was only GH¢2.5 million that was paid to the Ghana Police Service by the accused person.”
Customers who were adversely affected by the suspension of operations by Menzgold in 2018 have been fervently demanding the release of their funds.
The company, which halted its activities in the wake of the suspension, has faced allegations of operating a Ponzi scheme.
Nana Appiah Mensah,widely recognized as NAM1, is presently undergoing trial for fraud. The legal proceedings underscore the serious accusations leveled against him and the company.
The aggrieved customers continue to seek resolution and restitution for the financial losses they experienced due to the suspension of Menzgold’s operations.
The High Court has postponed the trial of Nana Appiah Mensah, also known as NAM1, to November 17 in order to give the state more time to complete the submission of witness statements.
Director of Public Prosecutions, Yvonne Atakora Obuobisa, representing the prosecution, requested a two-week extension from the court to gather witness statements due to challenges in obtaining signatures from some of the witnesses.
The defendant facing charges of defrauding over 16,000 people of GH¢1.68 billion, Nana Appiah Mensah, appeared in court without his lawyer, citing a morning emergency. Following deliberation, the Judge rescheduled the case to November 17.
Meanwhile, several Menzgold customers present at the High Court expressed disappointment with the court’s decision to adjourn the trial.
An anonymous aggrieved customer, speaking to the media,“the number of people who have died as a result of the Menzgold scandal is pathetic. And because of that, when we come to court and see how this guy talks and behaves, it makes some of us very upset. That is why I was upset with the fact that this guy shows no sign of remorse or regret.”
Asked whether he believed there would be justice, he said, “Definitely. Now that the government has appointed the attorney general to represent the customers, I know that there will be justice.”
The founder of the now-defunct Menzgold company, Nana Appiah Mensah,who is currently facing trial over accusations of defrauding more than 16,000 individuals of GH¢1.6 billion, has firmly refuted the allegations that he evaded Ghana’s legal framework to operate an illicit gold deposit-taking enterprise.
His legal counsel, Kwame Akuffo, passionately argued before the High Court on Tuesday, September 19, that Nana Appiah Mensah, commonly known as NAM 1, did not contravene the provisions of the Banking and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), as asserted by the prosecution.
Instead, Akuffo contended that it was officials from the Bank of Ghana (BoG) who provided counsel to Mensah, advising him to change the name of his company from Menzbank to Menzbanc. Furthermore, the BoG recommended the establishment of a separate entity called Brew Marketing Consult. The purpose of these recommendations was to ensure that the gold marketing business remained distinct from the operations of Menzgold.
“Indeed, in meetings with the BoG, it was the BoG that recommended that a third accused company ( Brew Marketing Consult) be set up in order to ensure that the gold marketing business was kept distinct from the business of Menzgold,” counsel said, reports Graphic Online’s Emmanuel Ebo Hawkson from the court.
Mr. Akuffo stated that he would refrain from disclosing the identities of the Bank of Ghana officials who provided advice to his client at this juncture. However, he indicated that during the course of the trial, when it is deemed appropriate, he intends to issue subpoenas to compel these officials to appear as witnesses. Their testimony would be crucial in supporting the defense of his client.
“I will skip the names because the court may take evidence from them in camera,” counsel said.
In the ongoing legal proceedings, Nana Appiah Mensah, has pleaded not guilty to a total of 39 charges. These charges encompass various offenses, including violations of Act 930, defrauding by false pretense, fraudulent breach of trust, and money laundering.
The court, which was presided over by Dr. Ernest Owusu-Dapaa, a Justice of the Court of Appeal serving as an additional High Court judge, granted NAM 1 bail amounting to GH¢500 million. This bail arrangement necessitates the provision of four sureties.
Additionally, as part of the bail conditions set by Justice Owusu-Dapaa, NAM 1 has been ordered to surrender his passport to the Court Registrar and to regularly report to the headquarters of the Criminal Investigations Department (CID) every Thursday.
The Deputy Attorney General, Alfred Tuah Yeboah, has revealed that his office intends to request daily hearings for the case involving Nana Appiah Mensah, also known as NAM 1, the former CEO of the now-defunct Menzgold Ghana Limited.
NAM 1 is currently facing 39 counts of fraud and money laundering charges, and the legal proceedings have been ongoing for several years.
Speaking to reporters on Tuesday, September 19, Tuah Yeboah explained that the proposal for daily hearings aims to expedite the case and provide closure for the victims affected by NAM 1’s alleged fraudulent activities.
“We are of the humble opinion that this is a matter that we must apply to the courts for an expedited hearing, so at the case management we will put up that application and request to the court, subject to the court’s convenience to have this matter heard on daily basis.”
In the latest development, Nana Appiah Mensah has been granted bail in the amount of GH¢500 million, with four sureties required, and none of them needing to provide justification. Additionally, he has been instructed to deposit his passport at the court registry as part of the bail conditions.
This decision comes after Nana Appiah Mensah pleaded not guilty to 39 counts of fraud and money laundering charges. He is currently on trial alongside Menzgold Ghana Limited and Brew Marketing Consult.
During the court proceedings, his lawyer, Kwame Akuffo, requested that the court maintain the bail condition of GH¢5 million without the need for justification, which had been previously set at the circuit court before the state entered a nolle prosequi.
The CEO of the now-defunct Menzgold Ghana Limited, Nana Appiah Mensah, has been granted bail amounting to GH¢500 million, with four sureties required, and none of them needing to provide justification.
As part of the bail conditions, he is also mandated to surrender his passport to the court registry.This decision follows Nana Appiah Mensah’s plea of not guilty to 39 counts of fraud and money laundering charges.
He is currently on trial alongside Menzgold Ghana Limited and Brew Marketing Consult.
Nana Appiah Mensah’s lawyer, Kwame Akuffo, requested that the court maintain the bail condition of GH¢5 million without the need for justification, which had been previously set at the circuit court before the state entered a nolle prosequi.
The state, represented by Deputy Attorney General Alfred Tuah Yeboah, did not oppose the bail application. However, he requested that the accused be required to deposit his passport.
Alfred Tuah Yeboah also urged the court to take into consideration the substantial amount of GH¢1.68 billion involved in the case.
After reviewing the application, the judge granted bail in the amount of GH¢500 million with four sureties, none of whom are required to justify their bail. Additionally, Nana Appiah Mensah must report to the CID headquarters every Thursday as part of his bail conditions.
The Chief Executive Officer (CEO) of the now-defunct Menzgold Ghana Limited, Nana Appiah Mensah, has entered a plea of not guilty to face 39 charges brought against him.
These charges relate to his alleged involvement in defrauding several Ghanaians to the tune of GHC 1.68 billion.
During a court appearance on Tuesday, Nana Appiah Mensah, popularly referred to as NAM1, along with Menzgold Ghana Limited and Brew Marketing Consult, were collectively charged with 39 counts.
These charges encompass 22 counts of defrauding by false pretense, seven counts each of money laundering and fraudulent breach of trust, along with additional counts for inducement to invest, operating an unlicensed deposit-taking institution, and selling gold without proper licensing.
According to the case’s details, Nana Appiah Mensah, acting through Menzgold Ghana Limited and Brew Marketing Company, allegedly persuaded Menzgold customers to part with GHC 1.68 billion. Some of these funds, as indicated in the charge sheet, were transferred to personal accounts belonging to NAM1, Zylophone Media, and an individual named Abigail Mensah.
Furthermore, Nana Appiah Mensah is accused of utilizing his media firm, Zylophone Media, to launder money that he knew to be proceeds of criminal activity.
Mr. Appiah Mensah is facing a total of 36 charges, which include abetment, defrauding by false pretences, conducting deposit-taking business without a license, unlawful deposit-taking, money laundering, and other related offenses.
Thus represents a reduction from the initial 61 charges that were filed against him, a change that occurred after Attorney General Godfred Yeboah Dame submitted new charges on August 30.
The legal proceedings against NAM 1 commenced in 2019, with accusations of defrauding numerous customers through his gold dealership company, resulting in substantial financial losses.
The case has encountered several adjournments until fresh charges were brought forward on Wednesday, August 30, 2023.
The amended charges followed Mr. Appiah Mensah’s announcement of intentions to release funds that had been locked up to Menzgold customers, contingent on the payment of approximately GH₵650 for verification purposes.
However, he subsequently reversed his decision to require former clients to purchase a verification Access Card for transaction validation and claims verification, following strong opposition from his customers and the public.
The Attorney General (AG) has brought forth fresh charges in the High Court against Nana Appiah Mensah, commonly known as NAM 1, who serves as the Chief Executive Officer of Menzgold Ghana Limited, along with two other individuals.
This new charge sheet comprises 39 counts of defrauding by false pretense, with NAM 1, Menzgold Ghana Limited, and Brew Marketing Consult Limited listed as the accused parties.
The charge sheet, dated August 30, 2023, was signed by Mrs. Yvonne Atakora Obuobisa, the Director of Public Prosecution (DPP). This development came after the Attorney General filed a nolle prosequi in the case against NAM 1.
The facts presented indicate that Menzgold Ghana Limited and Brew Marketing Consult Limited were sibling companies owned by NAM 1. The inception of Menzgold can be traced back to 2013 when it operated under the name Menzbank Ghana Company Limited, while Brew Marketing Consult Ghana Limited was incorporated in December 2016.
NAM 1 held positions as a Director and Chief Executive Officer of Menzgold and Brew Marketing Ghana Limited, in addition to being a majority shareholder in both entities.
It was alleged that NAM 1 operated Menzgold as a deposit-taking business disguised as gold trading, despite lacking the necessary license to do so. In response to a public notice by the Bank of Ghana (BoG) on March 11, 2015, which declared Menzbank an unlicensed deposit-taking institution, NAM 1 changed the company’s name from Menzbank to Menzbanc in an attempt to circumvent BoG’s notice.
Sometime in 2017, NAM 1 further changed the company’s name from Menzbanc to Menzgold Ghana Company Limited. This shift in nomenclature was part of NAM 1’s strategy to avoid BoG’s directives.
Mrs. Obuobisa explained that NAM 1’s business model involved Brew Marketing Consult Ghana Limited selling gold and gold collectibles to the public for investment in Menzgold, even though Brew Marketing lacked the necessary license to sell gold.
In August 2016, the Minerals Commission issued Menzgold a three-year license for gold purchase and export. However, the terms of this license only permitted the purchase of gold from small-scale miners for export purposes.
Menzgold and Brew Marketing Consult Ghana Limited breached their restricted gold purchase and exportation license by selling gold to individuals within Ghana.
Additionally, in 2016, Menzgold and NAM 1 established a gold vault market, providing the public with a platform to trade in gold and gold collectibles. To navigate legal requirements, NAM 1 and Menzgold set up A3 to sell gold to the public, acting as a conduit for gold deposits.
Between 2017 and 2018, NAM 1 and Brew Marketing actively encouraged the public to purchase gold and gold collectibles from Brew Marketing Consult Ghana Limited and deposit these assets with Menzgold. Investors were promised profits ranging from seven to ten percent.
Responding to this enticing offer, around 16,000 individuals deposited significant sums of money under the belief that they were engaging with an authorized deposit-taking company, expecting the returns as advertised by the accused parties.
Menzgold and Brew Marketing Consult Ghana Limited continued to operate despite repeated engagements and warnings issued by regulatory agencies. As time passed, members of the public began facing issues such as delayed payments or reduced dividends, and several cheques issued by Menzgold bounced.
The Securities and Exchange Commission (SEC) ordered Menzgold to halt its operations on September 7, 2018, for failing to obtain an SEC license.
Between November 2016 and March 2019, numerous customers of the accused parties reported their investments to the police, asserting that they had invested substantial amounts in Menzgold but were unable to recover their investments.
Investigations disclosed that the accused parties collected a total of GH$1,680,920 from depositors through false pretenses, which remained unrecovered.
The DPP further revealed that between 2017 and 2018, the accused parties transferred substantial amounts of depositor’s funds from Menzgold Ghana Company Ltd. and Brew Marketing Consult Limited to Zylofon Media, a company affiliated with NAM 1.
NAM 1 subsequently withdrew or transferred large sums of money into his bank account for personal use.
Following investigations, various vehicles were recovered from the accused individuals and subsequently auctioned, with the proceeds placed in an exhibit account. Additionally, some gold bars were also recovered from the accused parties.
Former Chief Executive Officer of MenzGold, Nana Appiah Mensah (NAM1), has at last been formally charged by the Office of the Attorney General, after enduring more than three years and over 35 adjournments of his trial.
Available court documents indicate that the Office of the Attorney has slapped NAM1 with 39 charges.
The charges comprise 25 allegations of “Defrauding by false pretence” as outlined in sections 131(1) of the Criminal Offences Act, 1960 (Act 29), and seven accusations of “Fraudulent breach of trust” according to section 128 of the Criminal Offences Act, 1960 (Act 29).
The other charges are seven counts of “Money Laundering contrary to section 1(2)(a)(i) of the Anti-Money Laundering Act, 2020 (Act 1044)”
The Office of the Attorney General indicated that its investigations show that NAM1 truly committed the offences he has been charged with.
“Investigations revealed that the accused persons under false pretences took a total sum of One billion, sixty hundred and eighty million, nine hundred and twenty thousand Ghana cedis (GH 1,680,920,000) from their customers which these customers have not recovered.
“Investigations further disclosed that between 2017 and 2018, the accused persons transferred huge sums of depositor’s funds from Menzgold Ghana Company Ltd. and Brew Marketing Consult Ltd to Zylofon Media, a company related to Al. Huge sums of money were also withdrawn by Al or transferred into his bank account for his personal use.
“Investigations have established that the money fraudulently obtained from depositors and dishonestly appropriated by the accused persons remained unpaid as Menagold Ghana Company Ltd.’s licence was revoked. In the course of investigations, a number of vehicles were recovered from the accused persons which have been auctioned, and the proceeds kept in an exhibit account. Some gold bars were also recovered from the accused persons,” parts of the court document, reads.
The court set September 19, 2023 to commence the hearing of the case.
Background:
Between November 2016 and March 2019, many customers of the MenzGold petitioned the police complaining that they had invested huge sums of money with the accused persons but were unable to realise their investments after persistent efforts.
NAMI was initially charged with 14 counts of abetment of crime, defrauding by false pretences, carrying on a deposit-taking business without a licence, sale of minerals without a licence, unlawful deposit-taking, and money laundering.
The charges were later amended from 61 with his plea yet to be taken on them.
It is alleged that the accused had taken various sums of money, totalling GH¢1.6 billion from customers.
The State had previously on June 24, 2020, filed new charges against the CEO of Menzgold, also known as NAM 1 at the Accra Circuit Court.
DSP Sylvester Asare then told the Court that his directives were that he should hold on to the new charges and the plea-taking of the accused.
Menzgold Ghana has rescinded its previously initiated paid customer validation process in a bid to streamline payment procedures for its disgruntled customers.
Menzgold Ghana earlier demanded GHS650 from its client in a new phase of customer validation in order to expedite the disbursement of funds to customers whose investments have been trapped.
In an earlier statement released on July 29, 2023, the Defunct gold trading company announced that it has successfully completed the transaction validation process assuring to make payments to its customers soon.
But in a release on August 18, the company indicated that customers looking to recover their trapped funds would be required to engage in the Menzgold Digital Verification Access Card procedure, aimed at confirming transactions and validating claims.
According to Menzgold, this has become imperative as their initial assessments identified a substantial number of claims that did not meet the necessary criteria and were therefore considered ineligible.
Over sixty percent of claims submitted for validation were plagued with several defects including irregularities or inconsistencies of the records on the face of the documents, fake (fraudulent) supporting documents, fake authorized signatures, among others, the company noted.
As per the announcement, the Menzgold Digital Verification Access Card will be obtainable for GH¢650 each through authorized Payboy Agents.
This card will grant customers the ability to review the status of their transaction validation from August 10, 2023, to September 14, 2023. Additionally, customers will be asked to upload original colored digital copies of supporting documents for their transactions.
In response, aggrieved customers have deemed this initiative as unlawful. Spokesperson for the aggrieved customers of Menzgold, Fred Forson, noted that the company cannot make such demands after its closure in 2018 by the Securities and Exchange Commission (SEC) for contravening the Securities Industry Act, 2016 (Act 929).
Following the backlash, the company has discontinued its initiative in a press release dated August 20.
It read in part: “Following concerns by some well-meaning Ghanaians and an extensive engagement with stakeholders with respect to our 18th August, 2023 press release, we have resolved as follows;
“That Menzgold would cease the production and printing of the PVC Digital Access Cards, which imposes cost burden and shall resort to the printing of the PIN Codes only, for onwards distribution at no cost.”
Menzgold Ghana has introduced a new phase of customer validation in order to expedite the disbursement of funds to customers whose investments have been trapped.
In a communication dated August 18, 2023, the company informed its customers that this validation process is essential due to the results of their initial assessments, which identified a substantial number of claims that did not meet the necessary criteria and were therefore considered ineligible.
“As indicated in our August 8th release: Menzgold has successfully and finally completed the validations of the transaction supporting documents Customers presented for vetting. Unfortunately, it was determined that over sixty percent (60%) of the claims were fraught with unacceptable infractions which invalidate the claims in question.”
The statement also outlined that customers looking to recover their trapped funds would be required to engage in the Menzgold Digital Verification Access Card procedure, aimed at confirming transactions and validating claims.
As per the announcement, the Menzgold Digital Verification Access Card will be obtainable for GH¢650 each through authorized Payboy Agents.
This card will grant customers the ability to review the status of their transaction validation from August 10, 2023, to September 14, 2023. Additionally, customers will be asked to upload original colored digital copies of supporting documents for their transactions.
“To the above end and as part of the final phase of our due diligence processes, we urge all Customers who believe they have genuine indebted transactions claims, to check their transactions status by acquiring the Menzgold Digital Verification Access Card at GH¢650 each. from any authorized Payboy Agent to verify their transactions validation status from the 10th August, 2023 to 14th September, 2023 and, to upload original coloured soft copies of their transactions supporting documents.
“Menzgold cannot offer free verification service like we did for the validation exercise, as we are committed to marshal all available resources into paying off our Company’s debt (liability).
“Please be well advised, that this final exercise is the most important due diligence standard. “Customers who fail to undergo this process risk forfeiture of their purported claims, as their right of claim would have been waived by the failure on their part to discharge their obligation,” the statement added.
The Coalition of Aggrieved Customers of Menzgold is urging government to arrest Nana Appiah Mensah, the Chief Executive Officer (CEO) of the defunct gold dealership company, also known as NAM1.
The group compares him to internet fraudsters and advises its members not to engage in any payment terms with him.
Their concerns arise after Menzgold’s management issued a statement claiming to have completed the transaction validation process and assuring customers of imminent payments.
“Nobody should engage him and that is what we are saying because of that document he brought out. What we want the government to do is to arrest him. What is contained in that document is simply the language of scammers, and we will want the government to arrest him.”
However, the group vehemently rejects the statement, deeming it as the language of scammers.
Speaking to the media, the spokesperson of the aggrieved customers, Fredrick Forson, called on the government to take swift action against Nana Appiah Mensah, demanding his arrest.
“Following the gold trading transactions claims supporting documents collection and vetting exercise initiated; we are happy to announce that validation has successfully been completed,” Menzgold said in its statement.
The customers remain skeptical of any promises made by the defunct gold trading company and continue to seek resolution and justice.
A male pensioner believed to be a retired police officer has lambasted the Ministry of Finance over the delay to pay pensioners whose government bonds have matured.
Although the government has started settling its debt, it is yet to pay all pensioners their monies.
The aggrieved pensioner who joined many picket at the Finance Ministry this week accused the government of being sly, noting that the ministry keeps cajoling and hiding the current state of matters.
He noted that it is unacceptable that government trivializes their concern.
“That period our money was with them was just a waste. They should try and give us the capital. Some of us are ready to take our capital. They cant be ‘fanfooling’ us like this. What they are doing.
According to him, pensioners would not be treated this badly should their funds have been in the possession of Nana Appiah Mensah popularly known as NAM1, and not government.
“It is worse than NAM 1 issue. NAM 1 is an individual company or entity but you, the whole government, you’d be tricking pensioners like this,” he bemoaned.
The businessman is accused of operating a Ponzi scheme that caused many Ghanaians to lose their investments made into his gold dealership firm, MenzGold.
Menzgold Ghana Limited which promised customers an average of 7–10 percent monthly returns on investments was subsequently shut down in September 2018 by the Ghana Securities and Exchange Commission.
On March 23, three years and eight months after his initial arraignment on July 12, 2019, Nana Appiah Mensah, the embattled Chief Executive Officer (CEO) of Menzgold Ghana Limited, made his 33rd court appearance.
Nana Appiah Mensah popularly known as NAM1 was initially charged with some 13 counts but that had since been amended with his plea yet to be taken on the amended charge sheet filed on September 3, 2019, which introduced some 61 new charges.
In court on Thursday, March 23, 2023, when NAM1 made his 33rd appearance, the case was again adjourned with the trial yet to commence.
Before a relieving Judge, Her Honour Afia Owusua Appiah, Prosecution represented by ASP Emmanuel Haliga who was holding Superintendent Sylvester Asare’s brief told the court that the prosecution is still awaiting advice from the Attorney General’s office for the next line of action.
He, therefore, prayed for an adjournment and after consulting his diaries together with Lawyer Audrey Twum, who was holding lawyer Kwame Boafo’s brief agreed with the court and settled on April 25, 2023.
According to EIB Network’s Legal Affairs Correspondent, Murtala Inusah, NAM1 made his 30th, 31st and 32nd appearances on November 9, and December 14, both in 2022 and January 2, 2023, respectively.
From July 12, 2019, the CEO of the gold dealership firm has trekked the court at least 29 times by September 27, 2022.
EIB Network’s Murtala Inusah who compiled the number of times NAM1 had appeared in court since July 12, 2019, said, the businessman would make at least his 34th appearance on April 25, 2023.
Previous appearances
In 2019, NAM1 made six appearances at the Circuit Court in Accra while in 2020 he appeared in court eight times. He then made further nine appearances in 2021 and five times in 2022.
In 2019, the CEO of Menzgold appeared in court on July 12 (his first) and made subsequent appearances on August 6, September 3, October 23, November 20 and December 23.
For 2020, the CEO of Menzgold made appearances on January 21, March 6, June 24, July 20, September 7, October 1, November 4 and December 16.
In 2021, NAM1 made nine appearances on January 20, March 2, April 1, May 27, July 6, September 2, October 11, November 22 and December 21.
In 2022, the embattled CEO of Menzgold was in court five times on February 21, April 4, May 16, July 15 and August 16 with the next court hearing fixed for September 27.
Meanwhile, he had also made court appearances in a Dubai Court before his return to Ghana following the collapse of Menzgold.
Main trial
On August 17, 2019, the embattled NAM 1 was released from police custody after meeting his varied bail conditions.
NAM1 together with his wife Rose Tetteh and his sister Benedicta Appiah (both at large) were facing a total of 13 counts of defrauding by false pretences, money laundering, abetment and carrying on deposit-taking business without a licence.
Two of his companies- Menzgold Ghana Limited and Brew Marketing Consult Limited – have also been charged with seven counts of defrauding by false pretences and carrying on deposit-taking business without a licence.
On July 26, 2019, NAM1 pleaded not guilty to all the charges and the court presided over by Jane Harriet Akweley Quaye granted him bail to the tune of GH¢1 billion (about $185 million) with five sureties, three of which are to be justified.
Additionally, he was ordered by the court to report to the police every Wednesday.
But the condition that required him to ensure three of the five sureties for justification was removed when he could not meet his initial bail terms.
Charges
The initial counts preferred were defrauding by false pretences, abetment to defraud by false pretences, carrying deposit business without a licence, abetment of sale of minerals without a licence, sale of minerals without a licence, abetment of unlawful deposit-taking, unlawful deposit-taking and money laundering.
Brief facts
The brief facts of the case as presented to the court by then ASP Asare, (now Superintendent Sylvester Asare) were that in October 2018, the police received a complaint from about 16,000 people that Menzgold had convinced them to invest GH¢1.68 billion in a gold purchase scheme that yielded 10 per cent monthly interest.
ASP Asare told the court that, the complainants said their money was locked up and they could not find Mensah and the other principal officers of the company.
He said investigations revealed that Menzgold and Brew Marketing Consult were incorporated as limited liability companies in 2013 and 2016, respectively.
DSP Asare (now said Menzgold obtained a licence from the Minerals Commission in August 2016 to purchase and export gold from small-scale miners, and to successfully engage in the business, Nana Appiah founded Brew Marketing Consult to be a gold buying agent.
DSP Asare said although Menzgold was licensed to purchase gold, it was not licensed by the Minerals Commission to trade in gold.
Notwithstanding the lack of such a licence, he said, Menzgold went public after its incorporation and invited the public to deposit money for a fixed period with interest, on the pretext of gold purchasing.
He said further investigations revealed that the three accused persons were the directors and principal officers of Menzgold and Brew Marketing Consult.
The embattled CEO of Menzgold and Zylofon Media, Nana Appiah Mensah, popularly known as NAM1, has taken to social media to announce that a new Zylofon Media is coming.
In a post made on his Twitter handle on Sunday, January 15, 2023, NAM1 revealed that a new dawn was upon the Ghanaian media space.
According to him, the people in the ‘Creative Arts, Mass Media, Sports, Science & Information Technology’ space should brace themselves because he is about to launch a brand new Zylofon Media.
He added that it was ‘a giant leap into everlasting glory’ as he shared the post on his Twitter page.
Just as expected, the post has been met with a lot of mixed reactions from his followers, especially, those who have their funds locked up at NAM1‘s Menzgold for more than four years because the company is no longer working.
Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC) in 2018 before the business was finally shut down.
According to the SEC at the time, Menzgold had been dealing in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.
The SEC said this was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”
Former manager of Shatta Waleand the Head of A&R at Zylofon Music, Bullgod, has proposed that a giant statue should be erected in honour of Nana Appiah Mensah.
According to Bullgod, no businessman past or present has made as much impact in the Ghanaian music industry as Nana Appiah Mensah, aka NAM1.
In an interview on Hitz FM’s ‘U Sey Weytin,’ Bullgod praised Nana Appiah Mensah for investing huge sums of money into the creative industry.
“No record label had come like Zylofon. He bought cars, and houses and gave them money. Nana Appiah Mensah deserves a statue in Ghana for what he did for the entertainment space.”
According to the artiste manager, Nana Appiah Mensah had great plans and was keenly working to put Ghana music at the top until the MenzGold saga set in.
“All these numbers these boys are running would have been done way before. Here we are, we had to cut our trees down and let foreign ones grow.”
He added that “Zylofon was responsible for those international plugs… I was head of Zylofon as the CEO of Zylofon Music, there was a deliberate attempt to push every Zylofon act.”
The Zylofon Music record label which signed Shatta Wale, Becca, Joyce Blessing, Stonebwoy, and Kumi Guitar, among others, collapsed when its CEO, Nana Appiah Mensah went down over the Menzgold scandal which rocked the nation back in 2018.
Ghanaian rapper Tulenkeyhas announced that his EP named ‘Cassanova’ will be out soon but for starters, he has released a single that highlights how some entertainment personalities have been wrongly judged for various reasons.
The song, ‘Point of View,’ released on Wednesday, September 7, has already made it to YouTube’s trending music in Ghana.
Tulenkey proved how versatile he can be when it comes to music with his narration of various stories in a single song.
This latest release focused on the life stories of Abena Korkor, Asamoah Gyan, NAM1, Shatta Wale, Afia Schwarzenegger, Wendy Shay, and Pappy Kojo, having been tagged as controversial for just living their lives.
Also, Ghana’s first president, Dr Kwame Nkrumah, was captured in the new tune.
According to the rapper, Nkrumah will be so disappointed in how the country is currently being run.
The celebrated rapper known for his 2018 hit single ‘Child Abuse’ lamented how he has been tagged as a ‘womanizer’ for the kind of songs he produces.
Popular songs among them include ‘Your Girlfriend’ and ’50’.
Rapping in Twi, he narrated what he suffered in the music industry.
“Why you no dey post ndwom no we gyae or you pause? Cause we still dey wonder if you go drop a song…Used to be on Twitter trending number one but now I’m in a box. Everybody quick to spread a rumour when you hit a brick. Ghanafo ne misinformation.”
The Chief Executive Officer of Menzgold, Nana Appiah Mensah, also known as NAM1, has no service passport, contrary to representations made by the Ministry of Foreign Affairs and Regional Integration (MoFARI).
The Ministry claimed in a statement that NAM 1 had not received any Service Passports from the Passport Office.
It claimed that system checks showed that NAM 1 only had a regular passport, which the Passport Office had issued in Accra.
Famous journalist Blessed Godsbrain Smart, often known as Captain Smart, has advised Menzgold Ghana Limited clients who lost money after the company was shut down to give up on seeking restitution or justice.
He claimed that because Nana Appiah Mensah, a.k.a. NAM1, who is currently facing charges for operating unlawfully, is being shielded by powerful individuals, the clients would not receive their money back.
He added that he is, therefore, not surprised that the Executive Director of the Economic and Organised Crime Office (EOCO), COP Maame Yaa Tiwaa Addo-Danquah, is alleged to have said that there is not enough evidence to find NAM1 guilty of any crime.
“EOCO said there is no evidence to take NAM1 to court for the court to prosecute and sentence him. What have I been telling you? I have told you guys that the Menzgold customers are not going to get their money back.
“NAM1 will never be jailed. He is not going to be imprisoned for even three days. NAM1 is enjoying whatever he is enjoying. NAM1 is protected. EOCO is saying there are not enough laws in Ghana to take NAM1 to court. So, how did the Bank of Ghana close down MenzGold,†he said in Twi in an Onua TV interview monitored by GhanaWeb.
He added that “NAM1 has indefinite vice to the UK and the US and also has easy access to Singapore. So, anything in his case becomes difficult, he travels out of the country. Who gave such a criminal a service passport? Service passports are given to government officials and anyone working for the government. Who gave NAM1 a service passport? He is protected.”
Captain Smart further stated that even if the Office of the Special Prosecutor investigates NAM1, nothing can be done to him.
The Circuit Court in Accra presided over by Her Honour Ms Ellen Asamoah has adjourned the case in which Chief Executive officer (CEO) of defunct Menzgold, Nana Appiah Mensah has been arraigned, to September 7, 2020.
The State had previously on June 24, 2020 filed new charges against the CEO of Menzgold, also known as NAM 1 at the Accra Circuit Court.
Assistant Superintendent of Police (ASP) Sylvester Asare then told the Court that his directives were that he should hold on to the new charges and the plea taking of the accused.
However, in court on Monday, July 20, ASP Asare told the court that, they are seriously working to advice the court on the matter.
To this end, he prayed the court for a long adjournment after which they would have been able to advice the court on their intention of prosecution on the matter.
He said when the advice is ready they will issue a hearing notice to the accused persons to appear before the court to to do the needful.
The court after listening to the parties adjourned the case to September 7.
The Circuit Court on July 26, 2019 granted NAM 1 bail in the sum of GH¢ 1 billion cedis with five sureties, three to be justified.
He had pleaded not guilty to all initial 13 charges levelled against him by the State. The state had since amended its charged sheet which is yet to be moved.
He is also to report to the police every Wednesday at 10:00 hours.
He was initially charged with abetment of crime, defrauding by false pretences, carrying on a deposit-taking business without licence, sale of minerals without licence, unlawful deposit taking, and money laundering.
It is alleged that the accused had taken various sums of money, totaling GH¢1.6 billion from customers.
The State on Tuesday filed new charges against the Chief Executive Officer of Menzgold, Nana Appiah Mensah is also known as NAM 1 at the Accra Circuit Court.
Assistant Superintendent of Police (ASP) Sylvester Asare told the Court that the State had filed a new charge sheet against the accused but his directives were that he should hold on to it and also the plea taking of the accused
“We, therefore, plead with the court not to take his plea as there will be further instructions l need to adhere to going forward,†he said.
The Court presided over by Ms Ellen Asamoah granted the request of the prosecution.
NAM 1 is facing 63 counts of money laundering, stealing, taking deposits without authority with other family members now at large.
His lawyers were not opposed to the new charge sheet but pleaded with the Court to expedite the process for their client. There was a heavy security presence when NAM 1 appeared in Court.
The Circuit Court on July 26, 2019, granted NAM 1 bail in the sum of GH¢ 1 billion cedis with five sureties, three to be justified. He had pleaded not guilty to all initial 13 charges levelled against him by the State.
He is also to report to the police every Wednesday at 1000 hours. He was initially charged with abetment of crime, defrauding by false pretences, carrying on a deposit-taking business without a licence, sale of minerals without a licence, unlawful deposit-taking, and money laundering.
It is alleged that the accused had taken various sums of money, totalling GH¢1.6 billion from customers.
In August last year, Nana Appiah Mensah, popularly known as NAM1, the Chief Executive Officer(CEO) of controversial gold dealership firm, Menzgold, addressed a press conference in Accra and appealed to the government to help his outfit to pay customers who have been living in fear of losing their investments.
He was addressing the media soon after returning to Ghana after his release from custody in Dubai and after securing bail from an Accra court where he was arraigned and charged with over 61 offences against the state.
The offences, including money laundering, fraud, taking illegal deposits and trading in unlicensed minerals, were brought against NAM 1. The amount involved is GH¢1.68 billion ($308.4m) collected from 16,001 investors.
From 2014 to 2018, Menzgold was said to have offered the investors interest rates of seven to 10 per cent per month on gold deposits.
On paper, the offer was very attractive and more generous than what traditional banks offered at the time.
But as is public knowledge, the business went bust and since last year the customers have made many efforts to retrieve their investments without success.
To back their demand, hundreds of the Menzgold customers on many occasions in the past protested in different parts of the country demanding retrieval of their monies.
Some even went as far as to demand payment from the government citing regulatory failures by the Bank of Ghana (BOG) and allied bodies like the Securities and Exchange Commission (SEC).
Unfortunately, all the efforts have not yielded results and as some of them would want us to believe, many of the investors have died and others continue to agonise over the loss of their investments.
To make matters worse, however, NAM 1 continues to flaunt his wealth around by organising flamboyant events, many of which the customers justifiably consider offensive.
The question on the lips of many of these customers is that, if he still has what it takes to organise such lavish ceremonies, why then is he not paying their monies back to them.
Of course, that does not appear to be his priority and that has angered the investors who have called for his immediate arrest.
Under an umbrella group, the Coalition of Aggrieved Customers of Menzgold (CACM) Ghana, the investors said “we are very much appalled by the bravado and open disregard for the laws of the land seeing NAM1, a man who has been slapped with 61 criminal charges including money laundering still signing financial contracts and being escorted by macho men.
In fact, the actions of NAM1 do not show any empathy towards the sufferings of his customers who he has failed to pay in the past several months and he goes ahead to rub salt into their wounds by organising a lavish public event that has gone viral on social media.
The Ghanaian Times sympathises with all the customers who are yet to retrieve their investments and urge state institutions which are handling the case in court to deal with it quickly, so that, the investors can get their monies back.
The Coalition of Aggrieved Customers of Menzgold has said the claim by Nana Appiah Mensah that his company Menzgold, has paid GH¢9.6 million to his customers is “not only false but criminalâ€.
“Here is a company whose account and assets, including his Trassaco residence according to official reports by EOCO, via a court order, have been frozen. So, where did NAM1 get money to pay GH¢9.6 million and how was the payment done?†the customers quizzed.
This comes after NAM1 said he has paid over GH¢9.6 million to customers whose monies were locked up in his firm.
He also assured customers who are yet to receive their monies that they would receive their monies before the end of December 2020 to in Instagram post.
The angry customers are, however, demanding to know the account from which the payment was made.
“Remember among his criminal charges is a charge of money laundering. We are challenging NAM1 to publish the names of those paid, indicating the amount paid with dates,†the customers said in a statement.
The group further indicated that NAM1 “is at it againâ€, explaining; “throwing dust into the eyes of the unsuspecting publicâ€.
According to the group, “reports indicate that his new scheme, Payboy, which was noted to be another scam, has succeeded in scamming hundreds of customers who failed to heed advise from the leaders of CACM. Today, those people he scammed at Payboy are gnashing their teeth.â€
The aggrieved Menzgold customers, however, thanked EOCO for arresting the managers of Payboy a couple of weeks ago.
They also expressed their appreciation to the Tarkwa High Court for “throwing the frivolous suit against CACM awayâ€.
Some officials of Payboy Company Limited have been arrested by the Economic and Organized Crime Office (EOCO).
EOCO, in a release, said that the arrest was effected on Wednesday, May 27, 2020 after its preliminary investigations showed that the company was offering some financial services without the requisite license from the Bank of Ghana or the Securities and Exchange Commission.
“The Economic and Organized Crime Office (EOCO) on Wednesday, 27th May, 2020 arrested some officials of Payboy Company Limited, an entity that purports to be into the Marketing and Promotion of Financial Technologies. Initial investigations have revealed that the company was operating without the required licenses from either the Bank of Ghana or the Securities and Exchange Commission,†EOCO said in a release.
On its Facebook page, Playboy describes itself as a company that “undertakes the marketing and promotions of fin-tecs, which includes a wide range of digital financial solutions with the objective of identifying and presenting these seamless digital financial technologies to corporate bodies and private individuals, who have payment systems channel need.â€
The company was recently in the news for allegedly being appointed by embattled gold dealership firm, Menzgold to negotiate a settlement with their unpaid customers.
Menzgold urged its disgruntled customers in a statement to cooperate with the new arrangement “as we strive to achieve this noble debt settlement objective.â€
But EOCO says Payboy is not licensed to conduct such business or any financial transactions and has warned the public not to do any business with them.
“The general public is advised to be circumspect when dealing with companies or individuals if it involves financial commitments.â€
The office added that it is still conducting investigations into the matter.
Officials of a payment company that was appointed by Menzgold to negotiate settlement with its unpaid customers have been arrested.
In a press release issued in Accra on Friday, the Economic and Organised Crime Office (EOCO) revealed that officials of the digital payment, marketing and promotions company were picked up because they lacked the requisite licence to operate.
“Initial investigations have revealed that the company was operating without the requisite licenses from either the Bank of Ghana or the Security and Exchanges Commission,†EOCO explained.
Menzgold appointed Payboy as a third-party entity to negotiate the settlement with the thousands of customers of the failed gold dealership firm.
Menzgold said in a statement at the time that the company will negotiate and facilitate the payment of the investment of its customers whose investments are still locked up.
The Bank of Ghana collaborated with other regulatory agencies to pull the brakes on the activities of Menzgold some two years ago over regulatory issues, bringing to end what many say was a Ponzi scheme.
It is estimated that the failed gold dealership firm owes up to $42 million in accrued investments and principals.
In a terse notice on Facebook, PRO for Menzgold wrote: “Management will make an official public pronouncement on the 18th December 2019 regarding PAYMENT SCHEDULES and FORMULAâ€.
Background:
About GH¢200 million of depositors cash is believed to be held up at the collapsed gold dealership firm Menzgold.
Menzgold folded up last year after the Securities and Exchange Commission (SEC) ordered it to suspend its operation with the public. Several efforts by the customers targeted at the company to get their monies have failed to yield any positive results.
According to the Commission, Menzgold did not have the license to trade in gold collectibles and that doing so was in contravention of the Securities Industry Act, 2016 (Act 929).
The collapse of the gold trading firm had been blamed on the directive.
Addressing a press conference on Wednesday, the PRO of the Coalition of aggrieved Menzgold Customers, Fred Forson stated that they will do everything possible to retrieve their locked up cash from Menzgold.
“We want to hear from NAM1, we have supported him all this while and it is time we hear from him…we want to demand from the CID that we want to meet Nana Appiah Mensah in person. Wherever he is, he needs to address us as leaders of Menzgold customers.
“If it is not a deliberate attempt on the part of the government to shield and protect Nana Appiah Mensah to loot and create and share our investments, then this is the time that the government should be transparent…and let us know what is happening with our investments.â€
The Accra High Court has ordered Menzgold Ghana Limited, a gold dealership firm to refund GH¢2,664,000 owed to some 58 soldiers.
The court, presided over by Justice Angelina Mensah-Homiah J. in a November 4, 2019 ruling, however, refused to enforce the contractual interest at the rate contained in the respective agreements between Menzgold and the respective plaintiffs because it had been found to be a Ponzi Scheme in a previous suit.
The plaintiffs will instead be paid interest at the prevailing commercial bank rate from the date of judgement till date of final payment.
The plaintiffs which include soldiers from the Ghana Navy, the Ghana Air Force and the Ghana Army per the writ of summons issued on December 12, 2018, had prayed the High Court to order a refund of their money.
