NAM 1 Remanded in Police Custody


The Accra Circuit Court has remanded Nana Appiah Mensah the embattled Chief Executive Officer of Menzgold, into police custody to reappear before the court on July 26, 2019.

He was brought court Friday morning in the company heavy security.

The CEO who is popularly known as NAM 1 is facing trial over charges of allegedly defrauding about 16,000 customers.

The businessman has been charged with two counts of abetment to defraud by false pretence and two counts of abetment to carry out banking business without a licence which goes against banking rules and regulations.

He s being held responsible for the operations that led to customers losing close to GHC1.7 billion.

His companies, Brew Marketing Const a Menzgold Ghana Limited has also been charged with defrauding by false pretence.

This is an offence which violates the Criminal Offences Act, 1960.

Nana Appiah Mensah was arrested and detained by the police on arrival from Dubai where had faced similar charges.

State prosecutors are alleging that the CEO of Menzgold defrauded about 16,000 people of GH¢1.68 billion on the name of investing their monies.

He is also being accused of contravening sections of the Banks and Specialised Deposits Taking Act, 930 and the Criminal Offences Act while operating Menzgold and its sister company, Brew Marketing.

According to information available, between January 2017 and September 2018, Brew Marketing Consult and Menzgold defrauded one Francis Agodzie and 16,000 others of more than GH¢1.68 billon.

It further accused the two entities of carrying out an illegal deposit-taking business during the same period.

The charge sheet explained that Mensah, Appiah and Tetteh aided Brew Marketing Consult and Menzgold to defraud the customers of the GH¢1.68 billon.

With regard to the charge of abetment to carrying out deposit-taking business without licence, the three suspects are accused of aiding the two companies to illegally carry out a deposit-taking business.

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