Law Lecturer, Dr. Maurice Ampaw has described the ‘defrauding by false pretence’ charge against embattled CEO of failed gold dealership firm, Nana Appiah Mensah as ‘stupid’.

An Accra Circuit Court has issued a warrant for the immediate arrest of Nana Appiah Mensah, popularly known as NAM 1.

He is wanted for defrauding by false pretence following his company’s failure to pay investors both their principal and dividends for several months.

The CEO is not the only one to be arrested, a warrant has also been issued for Rose Tetteh who is said to be his wife and his sister Benedicta Mensah.

Nana Appiah Mensah popularly known as NAM 1, is believed to be hiding in Nigeria or South Africa. The security agencies have alerted Interpol about the embattled CEO.

The warrant follows a disclosure by a cousin to President Nana Akufo-Addo, Gabby Otchere Darko that Nana Appiah Mensah has jumped bail and has absconded.

Speaking to Kwaku Owusu Agyei on Anopa Kasapa on Kasapa FM Thursday, Dr. Maurice Ampaw who’s also an investor in Menzgold, stated that the charge against NAM 1, does not make sense as he never defrauded any of the customers.

“Look at this fraudulent and stupid charge levelled against Nana Appiah Mensah. Defrauding by false pretence, who has he defrauded? The person was paying us, he was in good business and paid us our extra value every month. It is when the evil in the system decided to stop the business and damage the reputation of the business to a level that it was collapsing, that is when the payments stopped and so who has defrauded who?" he enquired.

“Menzgold customers should shine their eyes and not allow dust to be thrown into their eyes. Initially, the government said it can’t help us and that we were on our own because we were greedy. Now that there’s pressure on government look at what it is doing,” he added.