NAM1 Sent Back To Jail, Struggles To Fulfill GH¢1billion Bail Bond
Embattled Chief Executive Officer (CEO) of defunct Menzgold, Nana Appiah Mensah aka NAM1, has been sent back to police cells though the Accra Circuit Court has today granted him a GH¢1billion bail.
The GH¢1billion bail comes with five sureties, three of which are to be justified. He is also to report to the police every Wednesdays at 10:00am.
NAM1 is accused of defrauding 16,000 people of GH¢1.68billion in the name of investing their monies, meanwhile the Court granted him a GH¢1billion bail.
READ THIS: Court grants NAM1 GH¢1 Billion bail
State prosecutors have indicated that NAM1, who returned to Accra on July 11, 2019 after months of detention in Dubai in the United Arab Emirates, contravened sections of the Banks and Specialized Deposits Taking Act, 930 and the Criminal Offences Act while operating Menzgold and its sister company, Brew Marketing.
He has been charged with four counts of fraud and doing banking business without license.
Two counts of abetment to defraud by false pretence and two counts of abetment to carry out banking business without license, contrary to Section 6 (1) of the Banks and Specialized Deposit-taking Institution Act, 2016 (Act 930.)
Two of his companies namely Brew Marketing Consult and Menzgold Ghana Limited — represented by him, have each been charged with defrauding by false pretence, contrary to sections 20 (1) and 13 (1) of the Criminal Offences Act, 1960 (Act 29).
Lead lawyer for defense, Kwame Akuffo, argued while making the case for his bail that their client is not a flight risk though he was in January 2019 declared a wanted man by a court.
His lawyers explained NAM1 did not escape but had travelled to Dubai to retire his investments with a company in a gold deal but he was arrested in December 2018 and put before court.
According to the defense, he was acquitted and discharged by the court in Dubai after six months.
Meanwhile customers of Menzgold who have had their monies locked up as a result of the close down of the company besieged the court, carrying placards and demanding suspension of the criminal proceedings.
According to them, they have waited too long for their monies and insist getting payment for their investments is more important than prosecuting NAM1.
The placards have inscriptions such as, “Suspend criminal charges now,” “23 people dead in Menzgold saga” and “No money for fees and medical bills” among others.
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