NAM-1 In Police Cells
SECONDS AFTER Nana Appiah Mensah, popularly known as NAM-1, touched down at the Kotoka International Airport in Accra yesterday morning from Dubai, he was arrested and whisked away to the headquarters of the Criminal Investigations Department (CID).
As at press time last night, he had not been granted bail although his lawyers, close family and senior management members of his embattled gold dealership firm Menzgold, were with him and doing everything possible to ensure he sleeps home rather than in police custody.
The Police Criminal Investigation Department (CID) has revamped full scale investigations into the operations of the embattled Chief Executive Officer of Menzgold, Nana Appiah Mensah aka NAM-1.
NAM1 had been in detention in Dubai since December 7, 2018.
He was arrested in that country on charges of defrauding a business partner there but after months of legal tussle, he was released as state prosecutors could not prove their case of fraud against him.
The arrest of NAM1 comes months after angry customers agitated for the intervention of the state after all their efforts to retrieve their investments failed.
Menzgold, received several endorsements from some of Ghana’s biggest entertainment personalities.
The celebrities, from music to entertainment, were either appointed ambassadors or publicly declared their endorsement of the company.
In Ghana, the papers deep throat sources at the Police CID, insist NAM1 has been under several hours of interrogation over issues of fraud.
It said the interrogation had been largely based on claims by customers of Menzgold accusing NAM1 of defrauding them by false pretences.
The source said NAM1 is also being quizzed about his failure to pay interests on customers’ investments with the company, adding that “He is also being provisionally charged with taking deposits without a license and money laundering.”
Although, The New Publisher’s source is unable to tell when the suspect is due for court, it emphasized that NAM1 was still in police grips as at press time yesterday and doubts if the Menzgold boss would be granted bail by the CID.
Mr Appiah Mensah was accompanied by his lawyers as scores of his family members and friends besieged the police station to offer their support.
His lawyers say he has been accorded all the courtesies he deserves.
“The Ghana police have been extremely professional, responsible, and respectful in this matter,” lead lawyer, Kwame Akuffo said is quoted.
Weeks ago, it was reported that a court in Dubai had ordered that he be paid a sum of $39 million as payment for gold Menzgold supplied to another company.
NAM1’s arrival is likely to rekindle the hope of thousands of customers who invested huge sums in his gold derivative business and are afraid of losing their investments since the company closed down late last year.
The Securities and Exchange Commission (SEC) in September 2018 asked Menzgold to cease its gold derivative business as that amounted to deposit-taking which it was not licensed to do.
Some of the disgruntled investors have accused SEC of orchestrating the loss of their investments.
They accused the government of wilfully collapsing the company together with their investment.