Nana Appiah Mensah, also known as NAM 1, was the CEO of the now-defunct Menzgold gold dealership and has pleaded not guilty to all 39 charges.
The AG filed 39 counts of offenses against Nana Appiah Mensah, also known as NAM 1, including money laundering aid and abetment, defrauding under false pretenses, engaging in unlawful deposit-taking while operating without the required license, and money laundering.
This is a decrease from the original 61 accusations made against him.
In 2019, the Attorney General launched an investigation into NAM 1, who was accused of defrauding thousands of customers out of millions of Ghana cedis through his gold dealership business.
Several adjournments of the case occurred before new charges were brought on August 30, 2023.
After Mr. Appiah Mensah announced plans to unlock locked up funds of Menzgold customers after payment of 650 for verification, new fees have been introduced.
Following a backlash from customers and the general public, he changed his mind about requiring former clients to buy a verification access card in order to confirm transactions and validate claims.
In a related news, a Ghanaian court has renewed the bail for NAM1.
This comes after new legal action was taken in his case after the Attorney General modified it last month.
Following reports of attempts to collect money from clients for their locked-up funds, the AG and Minister of Justice filed a new lawsuit against the embattled CEO and his two defunct companies, Menzgold Ghana Limited and Brew Marketing Consult.
On Tuesday, September 19, presiding judge Justice Eric Kyei Baffour granted NAM1 bail in the amount of GH $100 million at the Economic and Financial Court 1.
He was given that bail after an earlier bail of $1 billion with five sureties and three to be justified that had been granted on July 26, 2019, expired.
However, his attorneys, under the direction of Kwame Boafo Akuffo, requested a review of the bail terms.
