Top Ghanaian gold dealer, Nana Appiah Mensah who is wanted by authorities for alleged fraud – is out of the country looking for money to refund investors, privately owned news site MyJoy Online says, quoting his company’s spokesman.
“He has travelled outside the shores of Ghana and is working to make sure that he gets money to come and pay our customers,” Menzgold’s Nii Armah Amarteifio told the news site. Ghana’s Supreme Court issued an arrest warrant on Wednesday for Mr Mensah, who is the CEO of gold dealership Menzgold, for alleged fraud by “false pretense”. The company allegedly promised customers a return of 7.5% monthly on gold they deposited with them, which is way above the international average.
But customers say they didn’t receive the promised money and on Tuesday more than 100 of them protested outside the Menzgold office in the second city, Kumasi. The company is estimated to have collected $200m (£157m) from customers over five years.
Mr Mensah, popularly known as NAM 1, has not yet commented. He is known to rub shoulders with politicians and local celebrities, MyJoy Online reports. In another development a High Court on Wednesday dismissed a lawsuit filed last year by Menzgold to bar the Bank of Ghana and the Securities and Exchange Commission from looking into its business. The gold firm had argued that the activities of the two regulatory bodies were hurting its business.
