NAM1 Slapped With New Charges By Attorney General In Menzgold Saga: Old Case Dropped After 3 Years

• The Attorney General has filed new charges against Nana Appiah Mensah, CEO of the defunct gold trading company Menzgold
• The old case against Nana Appiah Mensah was also dropped after three years and 36 adjournments
• Nana Appiah Mensah has been accused of using Menzgold to defraud more than 16,000 people of GH¢1.68 billion

The Attorney General has dropped the initial case against Menzgold CEO Nana Appiah Mensah, aka NAM1, and filed new charges.

The case which began in 2019 had suffered 36 adjournments with NAM1 yet to give a plea to fraud allegations against him.

Citi News reported that the Attorney General had come under pressure for the lack of progress in the case.

This is after NAM1 revealed plans to pay locked-up funds of his aggrieved customers on condition that they make a payment of about GH¢650 to be verified.

Read also

Alan Kyerematen rumoured to be forming alliance with CPP's Ivor Greenstreet for 2024 elections

He later removed the financial condition for the verification process following public backlash.

The failure of the office of the Attorney General to give its judgment on the docket was said to be the cause for the delays in the earlier case.

Concerns over NAM1 bail conditions

Private legal practitioner Amanda Akuokor Clinton has said NAM1 may have breached his bail conditions by attempting to verify claims by aggrieved customers.

The Head of Chambers of Clinton Consultancy said if NAM1's bail is revoked, the GH¢1 billion bail condition can be retrieved to pay some of the customers.

Clinton Consultancy represents the interests of some of the clients of the defunct Menzgold Company Ltd.

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.

Read also

Two momo vendors call out Ghana police, allege they reported John Alister 3 months ago, video trends

YEN.com.gh reported when 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 purchasing and depositing 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 according to spokespersons of the affected customers, they've still not been settled by the defunct company,

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

Source: YEN.com.gh