Nana Appiah Mensah, the former CEO of the now-defunct gold dealership firm Menzgold, has announced his intention to approach the police to reclaim the money he deposited with them. He expressed surprise that the GH¢5 million, which had been given to the police for distribution to verified customers, was instead deposited at the Bank of Ghana for the court’s attention. This diverged from the arrangement he had with the police, prompting his decision to seek a refund. The police had earlier disclosed that the GH¢5 million had been placed in their exhibit account at the Bank of Ghana for the court to decide on its disbursement.
Nana Appiah Mensah, also known as NAM1, is facing 39 charges related to fraud, illegal gold trading, and money laundering. The Attorney-General and Minister of Justice, Godfred Yeboah Dame, has assured that justice will be served to all Menzgold customers.
In 2018, Menzgold was instructed by the Securities and Exchange Commission (SEC) to halt its gold trading operations with the public. This action was taken because Menzgold was involved in buying and collecting gold from the public and offering contracts with guaranteed returns without a valid license from the Commission, which was in violation of Act 929, with consequences outlined in section 2016 (I) of the same Act.