NAM-1: I’m not guilty …gets 500m bail

Embattled Ghanaian investor, Nana Appiah Mensah (NAM-1) of Menzgold fame, pleaded not guilty when he appeared before a High Court in Accra yesterday Tuesday September 19, 2023, to face 39 counts on fraud filed against him by the State over allegations that he had defrauded customers of the now-defunct gold collectibles company to the tune of GH¢1.68 billion.

NAM-1 was accordingly re-granted yet another bail to the tune of GH¢500 million with four sureties, none to be justified.

He was also asked to hand over his travelling passport to the courts and report himself to the police department every Thursday.

The State, represented in court by Deputy Attorney-General and Minister for Justice, Mr. Alfred Tuah-Yeboah, did not oppose the bail terms.

After yesterday’s sitting, Alfred Tuah-Yeboah told journalists that the State was pushing for a situation where the Courts would hear the case on a daily basis so as to speed up the processes and arrive at a conclusion within the shortest practicable time possible.

“We are of the humble opinion that this is a matter that we must apply to the courts for an expedited hearing, so, at the case management, we will put up that application and request to the court, subject to the court’s convenience, to have this matter heard on a daily basis, “Alfred Tuah-Yeboah noted.

He was optimistic that the requested would be granted.

Nana Appiah Mensah, in the last three years made over 36 appearances in court over the Menzgold crisis and alleged fraud without trial.

He has taken to social media to explain that he is an innocent man and the most affected casualty of the Menzgold crisis.

In August this year, the Attorney-General went to the High Court to file some 39 counts of fresh criminal charges against NAM- 1, together with Menzgold Ghana Company Limited (MGCL) and Brew Marketing Consult Ghana Limited.

The new charges include  but not limited to selling gold without licence, operating deposit-taking institution without a licence, inducement to invest and defrauding by false pretence, fraudulent breach of trust and money laundering.

The Attorney General argued that According to the prosecution, NAM-1 operated Menzgold Ghana Company Limited as a deposit-taking business under the guise of gold trading, without the requisite licence.

On March 11, 2015, the Bank of Ghana (BoG) issued a public notice to the effect that Menzbank was an unlicensed deposit-taking institution.

It added that Nam 1, in a bid to circumvent the notice of BoG, changed the company’s name from Menzbank to Menzbanc.

In 2017, the prosecution said NAM 1 further changed the company’s name from Menzbanc to Menzgold Ghana Company Limited.

According to the A-G, the business module of Mensah was that Brew Marketing Consult Ghana Limited sold gold, gold collectibles and gold ore to the public for the purpose of investing same in Menzgold, when Brew Marketing Consult did not have a licence to sell gold.

He continued: “Between 2017 and 2018, NAM 1 and Menzgold invited members of the public to purchase gold and gold collectibles from Brew Marketing Consult Ghana Limited and deposit same with it,” it said.

In various forms of invitations, the A-G said the accused person, representing Menzgold Company Ltd and Brew Marketing Consult as deposit-taking businesses, invited the members of the public to deposit purchased gold and gold collectibles in return for profits ranging from seven per cent to 10 per cent.

“In response to this invitation, over 16,000 members of the public deposited huge sums of money with the expectation that they were dealing with an authorised deposit-taking business which would guarantee them the returns as advertised by the accused persons,” the prosecution added.