Menzgold Customers Sound Alarm Over Call To Pay For Validation: “Another Scam From NAM1”

• Aggrieved Menzgold customers have accused the company's CEO of trying to defraud them with a new validation process
• Menzgold has told customers with locked-up funds to buy a 'Menzgold Traders Transactions Status Verification Access Card'
• Speaking to YEN.com.gh, the convener of the aggrieved customers, Frederick Forson, urged his cohort to ignore the announcement

Aggrieved customers of defunct gold trading company, Menzgold, are sounding the alarm over reports that 60% of Menzgold customers do not qualify for payment.

Speaking to YEN.com.gh, the convener of the aggrieved customers, Frederick Forson, also described calls for customers to pay for a verification card as “another scam from NAM1.”

Menzgold CEO, Nana Appiah Mensah, also known as NAM1, reportedly released a statement telling customers who have funds locked up with the company to buy a 'Menzgold Traders Transactions Status Verification Access Card' said to cost GH¢600.

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In a further statement released to YEN.com.gh, Forson insisted that NAM1 had not done any validations and warned against falling to a fraudulent process.

“Our checks indicate neither Menzgold nor Payboy has done any validation. This is a well-programmed scheme hatched by Nam1 and his associates to fraudulently extort money from unsuspecting customers,” he stressed.

Forson further expressed concern that no state agency was involved in the purported validation.

He thus urged his fellow aggrieved customers not to make any purchases.

Menzgold customers have in the past petitioned Parliament to probe the operations of the company that led to them losing their investments.

The customers have been lobbying Parliament to expedite the process of considering the petition.

Alleged fraud from Menzgold

NAM1, his wife, and his sister have been accused of using Menzgold to defraud more than 16,000 people of GH¢1.68 billion.

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YEN.com.gh reported when Mensah was first arrested in January 2019 in Dubai and granted bail.

Menzgold, a gold trading firm, suspended its operations after an order from the Securities and Exchange Commission (SEC).

Menzgold has been dealing in the purchase and deposit of gold collectables without a license.

Previous attempts at settling customers

In 2021, YEN.com.gh reported that Menzgold announced the list of eligible customers to receive payment of their locked-up funds.

At the time, Menzgold listed 181 customers as eligible customers.

But customers have still not been settled by the defunct company, according to spokespersons of the affected customers.

Most recently, on July 30, 2023, Menzgold said it had completed a validation exercise and was working towards paying customers.

Source: YEN.com.gh