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Nana Appiah Mensah, also known as NAM 1
The court hearing the alleged fraud case against Nana Appiah Mensah, also known as NAM 1 and two others, has postponed the matter until November 4, 2020.
This was after Assistant Superintendent of Police (ASP) Prosecutor Sylvester Asare told the court that the prosecution needed more time to present a case and advise the court on the matter.
NAM1 is the CEO of the defunct gold distribution company, Menzgold, and is currently facing charges of deception in court.
In its request for postponement in circuit court today (Thursday, October 1, 2020) ASP Asare told the court that the prosecution expected the trial to begin in the new legal year.
The court, chaired by Ms Evelyn Asamoah, adjourned the case until Wednesday, November 4, 2020.
Partners in crime
The prosecution had charged Nana Mensah, his wife, Ms. Rose Tetteh, and his sister, Ms. Benedicta Mensah, of using Menzgold as a tool to defraud more than 16,000 people out of ¢ 1.68 billion GH.
However, his wife and sister are at large.
Acts
The facts, presented by ASP Asare, are that in October 2018, the police received a complaint from some 16,000 people that Menzgold had convinced them to invest ¢ 1.68 billion GH in a gold purchase plan that generated a 10 percent monthly interest.
According to him, the complainants said that their money was locked up and that they could not find Nana Mensah and the other senior officials of the company.
The prosecutor said investigations revealed that Menzgold and Brew Marketing Consult were incorporated as limited liability companies in 2013 and 2016, respectively.
Menzgold, he said, obtained a license from the Minerals Commission in August 2016 to buy and export gold from small miners, and that to successfully engage in the business, Nana Mensah founded Brew Marketing Consult to be a gold buying agent.
ASP Asare said that although Menzgold was licensed to buy gold, he was not licensed by the Minerals Commission to trade gold.
Despite the lack of such a license, he said, Menzgold went public after his incorporation and invited the public to deposit money for a fixed period with interest, under the pretext of buying gold.
The prosecutor said new investigations revealed that the three defendants were the directors and senior officers of Menzgold and Brew Marketing Consult.
Background
NAM 1 was released from police custody on August 17, 2019, after meeting the revised conditions of his bond.
Previously, the court had varied the conditions of the bond to allow five bonds to secure your bond without showing evidence of having property worth GH ¢ 1 billion bond.
However, the court rejected a request from Nana Appiah’s attorney to reduce the amount of the bond from ¢ 1 billion GH to 20 million GH.
So far, the court had ordered, on July 26, 2019, that three of the five bonds had to show justification, which means that they had to demonstrate that they had property or interests worth the ¢ 1 billion GH bond.
As part of the bail conditions, Menzgold’s CEO was ordered to report to the Ghana Police Service every Wednesday.
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