The CEO of Menzgold Ghana Limited, Nana Appiah Mensah, popularly known as NAM1, has reportedly given GH₵5 million to the Ghana Police to be disbursed to the aggrieved customers of his defunct gold dealership company.
According to a report by The Herald, NAM1 made the payment through his lawyers as part of his bail conditions.
The report said that NAM1 was granted bail by the Accra High Court on October 16, 2023, after he was arrested and charged with fraud and money laundering.
He was accused of defrauding over 16,000 customers of Menzgold who invested in his gold vault market product. He was also wanted by Interpol for allegedly duping investors in Dubai and Nigeria.
The report said that NAM1’s bail conditions included a GH₵200 million bond, two sureties, and a deposit of GH₵5 million to the police to be distributed to the customers.
The report said that NAM1’s lawyers paid the GH₵5 million in two installments of GH₵2.5 million each on October 18 and October 20, 2023.
The report said that the police have confirmed receiving the money and have started the process of verifying and validating the claims of the customers.
The report said that the police have asked the customers to submit their proof of investment and identity documents to the nearest police station for verification.
The report said that the police will then disburse the money to the customers based on their validated claims.
The report said that NAM1’s lawyers have also filed an application at the court to vary his bail conditions.
They have argued that the GH₵200 million bond is excessive and unreasonable, considering that NAM1 has already paid GH₵5 million to the police.
They have also argued that NAM1 is not a flight risk and has shown his commitment to pay back his customers.
The report said that NAM1’s case has been adjourned to November 6, 2023, for hearing.
The report said that NAM1 has expressed his gratitude to the court, the police, and his customers for their patience and understanding.
He has also assured them that he is working hard to recover his assets and pay back his customers in full.BOOKMARK GHANAEDUCATION.ORG FOR MORE!
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