Chief Executive Officer (CEO) of Menzgold, Nana Appiah Mensah is still in police custody one week after being granted bail by an Accra Circuit Court.
The embattled Menzgold CEO, who is popularly known as NAM1, has failed to meet the conditions of his GHS 1billion bail.
The court granted NAM1 the bail on 5 sureties with 3 guaranteed, however, reports indicate that he hasn’t been able to meet the sureties hence his continuous stay in custody.
Confirming this on Accra-based Citi FM, management of the embattled gold firm say they will file a review of the bail conditions.
NAM1, according to the prosecutors, defrauded about 16,000 people of GH¢1.68 billion on the name of investing their monies.
READ ALSO: Menzgold denies owing clients GHS1.68bn as claimed by state prosecutors
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.
The counts are defrauding by false pretences, abetment to defraud by false pretences, carrying deposit business without licence, abetment of sale of minerals without licence, sale of minerals without licence, abetment to the unlawful deposit-taking, unlawful deposit-taking and money laundering.
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.
