The Police have deposited an amount of GH₵2.5 Million received from suspect Nana Appiah Mensah, popularly known as Nam 1 in the Police Exhibit account at the Bank of Ghana (BoG) for the attention of the Court.
The police received the amount on Friday 20th October 2023, on the advice of the Office of the Attorney-General.
A statement issued by the Police said “the amount is part of investigations into petitions received from some customers of MenzGold Ghana Company Limited and Brew Marketing Consult Limited, currently before the Accra High Court against suspect Nana Appiah Mensah, popularly known as Nam 1.”
The Police stated that the decision on the disbursement of the money would be determined by the court.
Menzgold had earlier indicated it would commence payment of matured investments from Friday October 20, 2023. Handing over the money to the Police was therefore to set this process in motion.
About Menzgold
Menzgold Ghana Limited was a fraudulent gold dealership and investment firm that promised customers an average of 7-10 percent monthly returns on investments. It was subsequently shut down by the Government of Ghana.
It was founded by Nana Appiah Mensah, who is popularly known as NAM 1. The firm is reported to have initially traded as Menzbank; then changed to Menzbanc and then finally to Menzgold, due to warnings from the Bank of Ghana about the use of ‘bank’ as a company name for a non-banking entity.
Its operations were shut down in September 2018, by the Ghana Securities and Exchange Commission (SEC). The company’s operating license which had initially been granted in 2014, was revoked by the Minerals Commission of Ghana since it had primarily been for gold trading and export. However, as reports of a gold-investment scheme with high returns started to circulate, the Bank of Ghana began to publish warnings which cautioned citizens to be wary of dealing with the firm and warned the firm against taking cash deposits.
Customers who deposited at Menzgold have been locked out since the shutdown and cannot access their investments, leading to demonstrations at its various branches.
In January 2019, the Economic and Organized Crime Office (EOCO) of Ghana, secured a court order to freeze all landed properties and vehicles belonging to the embattled Chief Executive Officer of Menzgold Ghana Limited, Nana Appiah Mensah. The landed properties include Menzgold Ghana Limited, Menzgold Office Complex, Zylofon Art Complex, Brew Marketing Consult, Star Mad. Football Club, Zylofon Music and Media Company Limited, Brew Energy Company Limited and G. Tech Automobile Service. On Wednesday, January 8, 2020 some aggrieved customers of Menzgold Ghana Limited massed up at the residence of Nana Appiah Mensah to discuss payments of their locked up funds. Nana Appiah Mensah fired shots to ward off his angry customers.
Source: Kasapafmonline.com
