EOCO secures court order to freeze Menzgold properties

Nana Appiah Mensah

Nana Appiah Mensah

All landed properties and vehicles owned by beleaguered Chief Executive Officer of Menzgold Ghana Limited, Nana Appiah Mensah, also known as NAM 1, are to be confiscated.

The Economic and Organised Crime Office (EOCO) in a statement issued by its head of Public Affairs, Jacqueline Avotri yesterday said the EOCO had secured a court order to freeze the properties.

The properties include Menzgold Ghana Limited, Menzgold Office Complex, Zylofon Art Complex, Brew Marketing Consult, Star Madrid Football Club, Zylofon Music and Media Company Limited, Brew Energy Company Limited and G. Tech Automobile Service.

Others include two properties located at Trassaco Valley; namely Plot No. 315 and Plot No. 337, a plot of land (No 54) near Oak Street, Trassaco Valley, an uncompleted residence and 510 acres of land.

EOCO also directed all employees of the aforementioned companies, relatives and friends in possession of any of the properties to surrender them to the office.

“Failure to do so will constitute contempt of court which will attract the appropriate sanctions,” the statement said.

It further pleaded with the public to divulge information to the EOCO to speed up the retrieval of all vehicles and properties not listed in the freezing order secured.

The freezing of the properties of Mr Mensah follows investigation into alleged swindling of some 60,000 customers through his gold trading firm, Menzgold which has been described by experts as a Ponzi scheme.

The investors were promised a 10 per cent returns per month on their gold deposits, however, ever since the Securities and Exchange Commission (SEC) ordered a shutdown of the non-regulated aspect of the business, Menzgold has defaulted in paying the returns and also failed to pay the initial deposits.

Mr Mensah is currently being detained by the United Arab Emirates (UAE) police after his arrest in Dubai on December 4, 2018 for allegedly engaging in a gold business that had gone bad in that country.

An attempt by a special delegation of security operatives from Accra to Dubai to extradite him from the UAE was unsuccessful.

By Times Reporter

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