- Menzgold boss Nana Appiah Mensah has finally been released from police custody
- This follows the review of his initial bail conditions set by the Accra Circuit Court
- While the court maintained the GHC1bn bail bond, it ruled that none of the five sureties must be justified
The CEO of Menzgold and Zylofon Media, Nana Appiah Mensah, popularly known as NAM1 has finally been released from police custody almost two weeks after being granted bail by a circuit court in Accra.
This follows the variation of his initial bail conditions by which were set by the court.
NAM1 was granted bail on July 26, 2019, but failed to meet the conditions which included GHc1 billion bail bond with five sureties of whom three were to be justified.
He has been in custody since the time. His lawyer Kwame Akuffo who described the bail conditions were unfair pleaded for a review while appearing in court on Tuesday, August 6, 2019.
Lawyer Akuffo had suggested a five million cedis bail bond but the Judge Harriet Naa Akweley Quye ruled that the bail be maintained at a cost of one billion cedis.
She, however, ruled that NAM1 should provide five sureties but none of them needs to be justified and adjourned the case to September 3, 2019.
As earlier reported by YEN.com.gh, NAM1 is facing 13 counts of defrauding by false pretences, money laundering, abetment and carrying on deposit-taking business without licence contrary to Section 6 (1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).
He has been accused of defrauding about 16,000 customers of about GHc1.68 billion.
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