Arrest NAM1, he's a fraudster - Menzgold customers to government

The Coalition of Aggrieved Customers of Menzgold has called on government to arrest the Chief Executive Officer of defunct Menzgold Ghana Limited, Nana Appiah Mensah, popularly known as NAM 1.

The group's comment comes after NAM 1 in a latest document said Menzgold Ghana Limited had completed the transaction validation exercise.

He added that traders will soon be granted access to digitally check their validated transaction status and receive an individually scheduled binding payment date.

Reacting to this statement from the defunct Menzgold CEO, the spokesperson of the group, Fredrick Forson, in an interview with Citi News, said NAM 1 expressed the language of scammers in the document he released on Saturday, July 29, 2023.

Fredrick Forson said, “Nobody should engage him and that is what we are saying because of that document he brought out. What we want the government to do is to arrest him. What is contained in that document is simply the language of scammers, and we will want the government to arrest him.”

He cautioned his members to desist from engaging NAM1 on any payment terms and not fall for his fraudulent acts.

Background

Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC) in 2018.

According to the SEC, Menzgold had been involved in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns to clients without a valid license from the Commission.

This was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act,” according to the SEC.

Menzgold customers have in the past lamented the lack of commitment on the part of the government to have their monies paid to them.

They are also unhappy about the delay in prosecuting Menzgold’s CEO, Nana Appiah Mensah.

ESA/OGB

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