An Accra Circuit Court has granted the Chief Executive Officer (CEO) of Menzgold, Nana Appiah Mensah, a bail of GHS 1billion.
Appiah Mensah, who is popularly known as NAM1, is to present 5 sureties to the court with three justified.
As part of the conditions, NAM1 who is on trail for fraud is expected to report to the police every Wednesday.
In his plea for a bail, the lawyer for NAM1, Kwame Akufo asked the court to reduce the monetary condition because all his assets have been seized by the state.
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NAM1, according to the prosecutors, defrauded about 16,000 people of GH¢1.68 billion on the name of investing their monies.
According to the state, his action contravened sections of the Banks and Specialised Deposits Taking Act, 930 and the Criminal Offences Act while operating Menzgold and its sister company, Brew Marketing.
Between January 2017 and September 2018, Brew Marketing Consult and Menzgold defrauded one Francis Agodzie and 16,000 others of more than GH¢1.68 billon, according to the charge sheet.
The two entities, the charge further states, carried out an illegal deposit-taking business during the same period.
