The business man, whose Menzgold company was ordered by government to halt its gold dealership business in September 2018 over authorization breaches, was arrested in the United Arab Emirates (UAE) on December 7,2018 over an alleged “deal gone bad”, the Ghana Police said on Monday.

A high powered Ghanaian delegation has gone to Dubai to begin talks with Dubai authorities on the next step to take on the matter.

The delegation includes Deputy Attorney General, Joseph Kpemka, a representative from the Economic Organised Crime Office (EOCO), the Bureau of National Investigation (BNI) and National Security.

NAM 1’s Menzgold, which took deposits from over 60,000 Ghanaians, is unable to pay the mouthwatering dividends promised the customers after the Securities and Exchange Commission (SEC) ordered the closure of the gold dealership firm.

The disgruntled customers of Menzgold may have heaved a sigh of relief following news of NAM 1’s arrest, but Nana Obiri Boahen says he may not be trialed in Ghana.

“We are told he defrauded some company in UAE. If it's so, they will deal with him in accordance with the UAE law”, he told Kwame Minkah on Ete Sen on Radio XYZ 93.1.

“….I am not discouraging the delegation that has gone to Dubai, but the authorities there can decide to keep him there, he added.

However, he believes the laws will deal with NAM 1 when he is brought to Ghana.

The Deputy General Secretary of the ruling New Patriotic Party (NPP) also cautioned the security agencies to be “serious with the security of the people” and ensure that unscrupulous persons do not bolt from the country at the blind side of security agencies.