The list of customers who have their monies locked up with Nana Appiah Mensah aka NAM1's Menzgold are not up 46,000 as it had been widely reportedly sometime ago.
Latest reports sighted by YEN.com.gh suggest that Menzgold, the embattled gold trading firm, has just a little under 5,000 customers.
There had been initial reports on social media that Menzgold had millions of customers whose investments had been locked following an order by the Securities and Exchanges Commission for the firm to close down its operations. Later, the figure reduced drastically to 46,000 people.
But according to the Daily Guide, documents in its possession indicated that the actual number of clients was 4,998 across its branches, just a little over 10 per cent of what had been reported.
In all, Menzgold has seven branches and the Dzorwulu, Accra branch, which was its head office, had the highest number of customers.
The total number of customers at that branch per the list available to this paper is 1,608.
Kasoa branch followed with 978 customers; Tema branch had 880 customers; East Legon, Accra had 603 customers; Kumasi had 586 customers; Tarkwa in the Western Region had 269 customers while Kaneshie and Accra had only 74 customers.
"The 46,000 being thrown in the media is very wrong. The figure is nowhere near what we all heard. People’s huge investments are involved so I think we should allow the security agencies to do their work and resolve this issue amicably,” the report quotes an inside source as saying.
It would be recalled that the Securities and Exchange Commission (SEC) on September 7, 2018, in a letter, asked Menzgold to suspend its gold trading operations with the public.
SEC accused Menzgold of engaging in ‘unlicensed’ deposit-taking and reported the matter to EOCO for interrogation.
EOCO invited Menzgold’s CEO for possible questioning but he reportedly left the country for Dubai where he was arrested on December 7, 2018, at the airport.
NAM1 is expected to make his third appearance in court in Dubai on Thursday, February 14, where he is facing a misdemeanour charge over a US$23 million deal which went bad.
Currently being held on remand at the Al Barsha police cell as he goes through trial over the charge, NAM1 could spend up to two years in prison if found guilty.
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