- The state has again withdrawn the case against the CEO of defunct Menzgold Ghana Limited, Nana Appiah Mensah, aka NAM1
- The case was withdrawn and replaced with a new one to allow for some changes to details in the case against NAM1
- NAM1 has been accused of using Menzgold to defraud more than 16,000 people of GH¢1.68 billion
The state has once again withdrawn the case against the CEO of defunct gold trading company Menzgold Ghana Limited, Nana Appiah Mensah, aka NAM1.
New charges were filed against him in court on November 17, 2023, amid claims that his company ran a Ponzi scheme that defrauded customers.
The Director of Prosecution, Yvonne Atakora, explained that an amendment had been made to the amounts noted in the case.
The first case against NAM1 was dropped after three years and 36 adjournments.
The case has been adjourned again to December 4, 2023, to allow NAM1's lawyers ample time to review the new charges.
This adjournment was requested by NAM1's legal team and agreed upon by the state attorney.
NAM1 recently gave the state GH¢2.5 million to settle aggrieved customers.
NAM1, his wife, and his sister have been accused of using Menzgold to defraud more than 16,000 people of GH¢1.68 billion.
He 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). The defunct company 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.
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.
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