The Chief Executive Officer (CEO) of the now-defunct Menzgold Ghana Limited, Nana Appiah Mensah, has entered a plea of not guilty to face 39 charges brought against him.
These charges relate to his alleged involvement in defrauding several Ghanaians to the tune of GHC 1.68 billion.
During a court appearance on Tuesday, Nana Appiah Mensah, popularly referred to as NAM1, along with Menzgold Ghana Limited and Brew Marketing Consult, were collectively charged with 39 counts.
These charges encompass 22 counts of defrauding by false pretense, seven counts each of money laundering and fraudulent breach of trust, along with additional counts for inducement to invest, operating an unlicensed deposit-taking institution, and selling gold without proper licensing.
According to the case’s details, Nana Appiah Mensah, acting through Menzgold Ghana Limited and Brew Marketing Company, allegedly persuaded Menzgold customers to part with GHC 1.68 billion. Some of these funds, as indicated in the charge sheet, were transferred to personal accounts belonging to NAM1, Zylophone Media, and an individual named Abigail Mensah.
Furthermore, Nana Appiah Mensah is accused of utilizing his media firm, Zylophone Media, to launder money that he knew to be proceeds of criminal activity.
Mr. Appiah Mensah is facing a total of 36 charges, which include abetment, defrauding by false pretences, conducting deposit-taking business without a license, unlawful deposit-taking, money laundering, and other related offenses.
Thus represents a reduction from the initial 61 charges that were filed against him, a change that occurred after Attorney General Godfred Yeboah Dame submitted new charges on August 30.
The legal proceedings against NAM 1 commenced in 2019, with accusations of defrauding numerous customers through his gold dealership company, resulting in substantial financial losses.
The case has encountered several adjournments until fresh charges were brought forward on Wednesday, August 30, 2023.
The amended charges followed Mr. Appiah Mensah’s announcement of intentions to release funds that had been locked up to Menzgold customers, contingent on the payment of approximately GH₵650 for verification purposes.
However, he subsequently reversed his decision to require former clients to purchase a verification Access Card for transaction validation and claims verification, following strong opposition from his customers and the public.