Nana Appiah Mensah, also known as NAM 1, the founder of Menzgold, has pleaded not guilty for allegedly defrauding more than 16,000 individuals of GH¢1.6 billion through the company.

In his defense, NAM 1 denies any wrongdoing related to bypassing Ghanaian laws to operate an unlawful gold deposit-taking business.

NAM 1's legal counsel, Kwame Akuffo, asserted in the High Court on Tuesday, September 19, that his client did not engage in any activities that violated the Banking and Specialised Deposit-Taking Institutions Act, 2016 (Act ).

Mr. Akuffo further contended that it was officials from the Bank of Ghana (BoG) who had advised NAM 1 to change the company's name from Menzbank to Menzbanc.

“Indeed, in meetings with the BoG, it was the BoG that recommended that a third accused company (Brew Marketing Consult) be set up in order to ensure that the gold marketing business was kept distinct from the business of Menzgold,” the counsel said.

“I will skip the names because the court may take evidence from them in camera,” counsel said, reports Graphic Online’s Emmanuel Ebo Hawkson from the courtroom.

In the meantime, NAM 1 has entered a plea of not guilty to a total of 39 charges, encompassing violations of Act 930, defrauding by false pretense, fraudulent breach of trust, and money laundering.

The court proceedings, presided over by Dr. Ernest Owusu-Dapaa, a Justice of the Court of Appeal serving as an additional High Court judge, resulted in NAM 1 being granted bail in the amount of GH¢500 million, with the requirement of four sureties.

As part of the bail conditions, Justice Owusu-Dapaa also mandated NAM 1 to surrender his passport to the Court's Registrar and to report to the headquarters of the Criminal Investigations Department (CID) every Thursday.