The Accra Circuit Court has adjourned to June 8, the case of Nana Appiah Mensah, aka NAM 1, Chief Executive Officer of Menzgold Ghana Limited, accused of duping customers of over GH¢1.6 billion, being their deposits.
The presiding Judge, Mrs Evelyn Asamoah, adjourned the case after the police had told the court that they were awaiting the advice of the Attorney-General (AG).
Assistant Superintendent of Police (ASP) Emmanuel Haligah who held brief of Superintendent of Police Sylvester Asare, prayed the court for adjournment.
Ms Audrey Twum held brief of Kwame Akuffo for accused.
Nana Mensah is standing trial for 61 counts of abetment, defrauding by false pretences, carrying on deposit-taking business without license, unlawful deposit-taking and money laundering.
He denied the charges and the court on July 26, 2019, admitted him to bail in the sum of GHc1 billion with five sureties, three to be justified.
The court has ordered him to report to the police every Wednesday, pending the outcome of the case.
The brief facts of the case were that the police received a complaint from about 16,000 Menzgold customers, who convinced them to invest GH¢1.68 billion in a gold purchase scheme that yielded 10 per cent monthly interest.
ASPAsare told the court that, their money was locked up and they could not find Mensah and the other principal officers of the company.
He said investigations revealed that Menzgold and Brew Marketing Consult were incorporated as limited liability companies in 2013 and 2016, respectively.
The prosecution said Menzgold obtained a license from the Minerals Commission in August 2016 to purchase and export gold from small-scale miners, and Nana Appiah founded Brew Marketing Consult to be a gold buying agent.
The court heard that although Menzgold was licensed to purchase gold, it was not licensed by the Minerals Commission to trade in gold.
Notwithstanding this, Menzgold went public after its incorporation and invited the public to deposit money for a fixed period with interest, on the pretext of gold purchasing.
The court heard that investigations revealed that the three accused were the directors and principal officers of Menzgold and Brew Marketing Consult.
