The alleged mansion and cars of Nana Appiah Mensah aka NAM1
Details are emerging about a plea deal that the embattled Chief Executive Officer (CEO) of gold collectibles firm, Menzgold, Nana Appiah Mensah, popularly known as NAM1, put on the table for government’s consideration.
DAILY GUIDE’s sources claimed NAM1 emphatically told the government to sell his assets to pay some customers whose funds have been locked up with Menzgold.
However, the government is adamant and wants NAM1 to put the request in writing before it acts.
DAILY GUIDE gathered that the delegation that recently visited NAM1, who is under arrest in Dubai, United Arab Emirates (UAE) over an alleged scandalous gold deal, advised government not to directly intervene in the sale of his properties but rather that task should be carried out by his family.
EOCO Effort
Already, the Economic and Organized Crime Office (EOCO) is said to be making headway in tracking the properties of Menzgold and its beleaguered CEO.
Last week, the anti-graft body reportedly managed to secure over 40 luxurious cars and a number of mansions belonging to NAM1 which could possibly be sold to settle his indebtedness to his customers.
Sources said that more luxurious cars were ‘seized’ yesterday.
EOCO is said to be taking ‘swift’ action because it does not want would-be claimants to start protesting that the properties in question belong to them.
This revelation comes at a time when EOCO has frozen three separate bank accounts of NAM1, and is said to be making frantic efforts to trace his other assets, including mansions.
EOCO has appealed to the public to volunteer further information that will lead to the discovery of NAM1’s other properties.
Earlier Call
There have been incessant calls on the government by the affected customers, who are believed to be about 46,000, to confiscate the assets of NAM1 and his Menzgold Company, but EOCO is insisting that it can only act on express court orders.
When the issues started, NAM1, who has been accused of operating a Ponzi Scheme, was invited specifically for an alleged misdemeanor in breach of the Banks and Specialized Deposit-Taking Institution Act 2016, Act 930.
Arrest and nature of case
NAM1 reportedly left Ghana in December 2018 to ‘chase’ a $31 million owed him but was later arrested in the UAE over an alleged scandalous $51 million gold deal involving an Emirati firm named Horizon Royal Diamonds.
According to Joseph Dindiok Kpemka, Deputy Attorney General, who led the delegation to meet NAM1 in Dubai last week, Menzgold boss was arrested in Dubai in connection with the alleged fraud case.
Woes
DAILY GUIDE has gleaned from close associates of NAM1 that the investment of some 46,000 individuals are believed to be locked up at Menzgold.
Some of the customers are said to have secured bank loans to invest in Menzgold with the hope of getting higher ‘returns,’ but are now facing problems since their funds have been locked up with the company and the banks are chasing them for repayment.
One of the affected customers reportedly secured GH¢500,000 loan from Ecobank Ghana Limited to top up his investments with Menzgold.
The woes of Menzgold began after the Securities and Exchange Commission (SEC), in a letter dated September 7, 2018, directed it to suspend its gold trading operations with the public.
SEC, at the time, said the directive 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 regulatory agency averred that the move was in contravention of Section 109 of Act 929 with consequences under section 2016 (I) of the same Act.
By Melvin Tarlue