NAM1 Pleads Not Guilty To Fraud And Money Laundering Charges In Menzgold Saga

• CEO of defunct Menzgold Ghana Limited, Nana Appiah Mensah, has pleaded not guilty to new charges
• Mensah is facing 39 counts for allegedly defrauding Menzgold customers of GH¢1.68 billion
• The CEO of defunct Menzgold is facing the fraud charges alongside Brew Marketing

The CEO of defunct Menzgold Ghana Limited, Nana Appiah Mensah, aka NAM1, has pleaded not guilty to the new charges of fraud levelled against him.

He was granted a bail of GH¢500 million during his latest court appearance.

NAM1 is facing 39 counts for his involvement in the alleged defrauding of some Ghanaians to the tune of GH¢1.68 billion.

He is also accused of using his media firm, Zylophone Media, to launder money.

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The Attorney General opened a new case against him after numerous delays in the original case opened in 2019.

NAM1 appeared in court alongside Brew Marketing on Tuesday, September 19, 2023.

The charges against them are 22 counts of defrauding by false pretence, seven counts each for money laundering, fraudulent breach of trust, one count each for inducement to invest, operating a deposit-taking institute without a license and selling gold without a license.

Alleged fraud from Menzgold

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

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

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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.

However, 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.

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 customers.

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

Source: YEN.com.gh