The Chief Executive Officer (CEO) of gold dealership firm Menzgold Ghana Limited, Nana Appiah Mensah (aka NAM1), has defrauded 16,000 people of GH¢1.68 billion, state prosecutors say.
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.
The charge sheet explained that Mensah, Appiah and Tetteh aided Brew Marketing Consult and Menzgold to defraud the customers of the GH¢1.68 billon.
“With regard to the charge of abetment to carrying out deposit-taking business without licence, the three suspects are accused of aiding the two companies to illegally carry out a deposit-taking business,” the charge sheet noted.
He was arraigned today, Friday, 12 July 2019 after spending the night in the custody of the Criminal Investigations Department (CID) of the Ghana Police Service following his arrival in Ghana on Thursday.
He had been in detention in Dubai since December 7, 2018, when he was arrested in that country on charges defrauding a business partner there.
After months of legal tussle, he was released as prosecutors could not prove their case of fraud against him.
