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General News of Sunday, 20 January 2019

Source: citinewsroom.com

30 more Menzgold customers file police complaints over locked up cash

About 30 more customers of troubled gold dealership firm Menzgold Ghana Limited have filed a complaint against the company at the Criminal Investigations Department (CID) in a bid to have their locked-up investments released.

They are the latest to formally protest the company’s failure to pay back their principal investments after some customers of the company had earlier filed a complaint through a lawyer.

Beleaguered Chief Executive Officer (CEO) of the company, Nana Appiah Mensah, popularly known as NAM 1 is currently facing a charge of defrauding by false pretense.

Although investigations have begun into the issue, Police have indicated that prosecution may delay due to the arrest of NAM 1 in Dubai, where he is currently facing a charge of misdemeanor.

The Director of Public Affairs for the Ghana Police Service, ACP David Eklu told Citi News: “some of the customers who got the services of a lawyer to petition the CID. But when the report went out, individuals kept coming to the offices of the CID headquarters to lodge complaints.”

“As at last week, I understand the figure was about 26 to 30 in addition to those who have already sent a petition to the CID”, he added.

We haven’t suspended probe into Menzgold saga – Police

The Police Service also said it has not suspended investigations into the operations Menzgold, and its embattled CEO.

This comes on the back of indications that NAM 1 will only return to Ghana after he has been cleared of all misdemeanor charges leveled against him in Dubai.

ACP David Eklu, said the Police Service in Ghana will continue with its investigations, despite this development.

“Discussions were held as to the possibility of bringing him to Ghana to answer or assist with investigations we have already commenced. They gave us the assurance that he will make his first appearance in court on 2nd February and after that if the case is finally determined then they can facilitate his extradition to Ghana to face the court.”

“The discussion, as I gathered from the team is very fruitful and they gave us all the assurance that they will make him available to Ghana authorities as soon as that case is determined.. It does not mean we have truncated investigations. Other processes are ongoing to gather information that will lead to possible prosecution so we have not stopped.

The investigation is still ongoing but he is the key to our investigation and that is why we need him to give us a statement but in all that investigation is still ongoing.”

Recent developments

Hundreds of Ghanaians are unable to retrieve their investments in Menzgold, with some heading to court to seek redress.

This was after Menzgold was asked by the Securities and Exchange Commission, SEC, to stop it’s business because it was illegal.

The company has since then struggled to pay clients, giving credence to suggestions that he was running a ponzi scheme.

There’s an existing arrest warrant for NAM1, after it emerged that he had breached his bail conditions and fled the country.

The company has since been met with some lawsuits by aggrieved customers, while its Chief Executive Officer, Nana Appiah Mensah, has been under arrest in the United Arab Emirates since December 08, 2018.

The Economic and Organized Crime Office (EOCO) has also frozen some accounts of Nana Appiah Mensah.

Citi News sources at EOCO say the office also plans to seek out accounts belonging to Menzgold and other related businesses.