NAM 1, Wife, Sister Charged With Fraud

Nana Appiah Mensah aka NAM 1 and his wife, Rose

An Accra Circuit Court yesterday remanded the embattled Chief Executive Officer of Menzgold Ghana Limited, Nana Appiah Mensah, aka NAM1, in police custody pending investigations.

The beleaguered businessman, who arrived
from Dubai on Thursday morning and was quickly apprehended by the police, was
yesterday hauled before the court which had issued a warrant for his arrest
when he was out of the country.

NAM1 has been in jail in Dubai since
last December and was brought to the country by Dubai Interpol and handed over
to its counterpart in Ghana.

The troubled ‘millionaire’ has been
accused of defrauding some 16,000 customers over GH¢1.68 billion between January
2017 and September 2018 under false pretences.

Charged alongside NAM1 is his wife, Rose
Tetteh, including his sister, Benedicta Appiah; for aiding him in his alleged
fraudulent act.

Charges

NAM1 is facing a total of four counts relating
to fraud and operating without licence.

He has been charged with 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 institutions Act, 2016 (Act 930).

Two of his companies – 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).

NAM1
Accomplices

Apart from NAM1, his sister and wife
have also been slapped with two counts of abetment to defraud by false pretence
and two counts of abetment to carry out banking business without licence
contrary to section 6(1) of Act 930.

The two women who are said to have aided
Menzgold to carry out the fraudulent acts are still at large as their
whereabouts still remain a mystery to the police.

Early
Appearance

NAM1 was virtually ‘sneaked’ into the
court yesterday by police officers “for security reasons.”

The police, the accused person and his
lawyers were on the premises of the court as early as 6am long before the gates
to the premises were even opened.

He was then kept in the courtroom until
around 9am when the court commenced sittings.

The security did not allow scores of
journalists who gathered to enter the courtroom where NAM1 was being tried and
was immediately whisked away after the short proceedings.

Facts

Per the fact of the case as cited by DAILY
GUIDE
,
the Criminal Investigations Department (CID) in October 2018
received a petition from 16,000 complainants that Menzgold through NAM1 and the
other accused persons urged them to deposit monies which would accrue a monthly
interest of 10 per cent.

According to the facts, the complainants
deposited various sums of monies totaling GH¢1,680,920,000.

It said Nana Appiah, Benedicta Appiah
and Rose Tetteh had absconded and their offices and residents were later
locked.

It said a warrant of arrest was issued
for the arrest of the accused persons until NAM1 returned to Ghana last
Thursday when he was arrested at the Kotoka International Airport.

Police
Request

The prosecution, led by ASP Sylvester
Asare, told the court that they do not intend to take the plea of NAM1.

According to him, the matter was still
under investigations and prayed the court to remand the accused for them to do
thorough work.

The court, presided over by Harriet
Akweley Quaye, remanded NAM1 in police custody to return to court on July 26,
2019.

Genesis

The woes of Menzgold emerged on
September 7, 2018, after the Securities and Exchange Commission (SEC) directed
it to suspend its gold trading operations with the public.

The directive, according to SEC, was
based on the ‘fact’ that Menzgold had been dealing in the purchase and
deposit of gold collectibles from the public and issuing contracts with guaranteed
returns with clients without a valid licence from the commission.
The move, SEC explained, was in contravention of “section 109 of Act 929
with consequences under section 2016 (I) of the same Act.”

The company was, however, allowed to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.”

By Gibril Abdul Razak

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