Menzgold Customers Worried About Validation Process As Payment Times Emerge: Some Investors To Be Paid In 2025

• Some aggrieved Menzgold customers who took part in NAM1's validation process are earmarked to receive their funds in 2025
• A coalition of aggrieved Menzgold customers told YEN.com.gh that these timelines were evidence of a scam from NAM1
• The group has urged Menzgold to make the validation process credible by involving state regulators like the Bank of Ghana

Aggrieved Menzgold customers are not guaranteed their locked-up funds any time soon, even if they engage in the controversial validation process.

Some of such validations which YEN.com.gh has sighted indicate that some customers will be paid as far away as 2025.

Menzgold CEO Nana Appiah Mensah, aka NAM1, had earlier told customers with funds locked up with the company to buy a "Menzgold Traders Transactions Status Verification Access Card" said to cost over GH¢650.

In comments on the validation process to YEN.com.gh, the convener of the aggrieved customers of Menzgold, Frederick Forson, said this was further evidence that the process is a scam.

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He further said state institutions are needed to provide credibility to the process.

“If he claims to have money for payment, he should hand it over to either SEC [Securities Exchanges Commission] or BoG [Bank of Ghana],” Forson remarked.

Forson again stressed that no customer should take part in the validation process.

NAM1 getting desperate

In an earlier story, Forson told YEN.com.gh that NAM1 was getting desperate after recent comments on the validation process.

Speaking after NAM1 defended the process, Forson said there were signs that customers were snubbing the validation process.

"He is finding it difficult to sell his latest product. That is why in the space of two weeks, he has released about three different statements," he said.

Alleged fraud from NAM1 and Menzgold

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YEN.com.gh has reported that NAM1, his wife, and his sister have faced accusations of using Menzgold to defraud over 16,000 people of GH¢1.68 billion.

NAM1 was first arrested in January 2019 in Dubai and granted bail.

Menzgold suspended its operations after an order from the Securities and Exchange Commission (SEC).

Menzgold was said to be purchasing and depositing gold collectables without a license.

Source: YEN.com.gh