I’m coming back for my money – NAM1 tells police
![NAM1 $30 Million Compensation](https://ghanaeducation.org/wp-content/uploads/2023/10/download-11-2.jpg)
Nana Appiah Mensah, the CEO of the now-defunct gold dealership firm Menzgold, commonly known as NAM1, has declared his intention to return to the police to retrieve the money he deposited with them. This announcement follows reports that the GH¢5 million allocated by the police for verified customers had been deposited at the Bank of Ghana under the court’s jurisdiction.
Expressing his surprise, NAM1 mentioned that the depositing of the money in the Bank of Ghana was not part of their initial agreement with the police. He affirmed his plan to approach the police to recover his funds, emphasizing that this was not the arrangement they had in place.
NAM1’s statement comes in response to the police’s announcement that the GH¢5 million had been placed in the police exhibit account at the Bank of Ghana, intended for court proceedings to determine its disbursement to customers.
also read: I have enough dollars to pay delegates to vote for me – Alfred Obeng (ghanaeducation.org)
The Menzgold saga involves NAM1 facing 39 counts of charges related to defrauding by false pretense, conducting gold trading without a valid license, and money laundering.
In response to these developments, the Attorney-General and Minister of Justice, Godfred Yeboah Dame, assured that justice would be served to all Menzgold customers.
To provide context, in 2018, the Securities and Exchange Commission (SEC) instructed Menzgold to halt its public gold trading operations. According to the SEC, Menzgold had been involved in purchasing and collecting gold collectibles from the public while offering contracts with guaranteed returns to clients, all without a valid license from the Commission. This was in direct violation of “section 109 of Act 929, with consequences under section 2016 (I) of the same Act,” as explained by the SEC.
The ongoing legal dispute surrounding Menzgold and NAM1’s efforts to reclaim his deposited funds reflect the complexity of the situation and the implications for affected customers. As the case progresses, it remains to be seen how these matters will be resolved and the extent to which justice will be served for those involved.
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