Nana Appiah Mensah, the Chief Executive Officer (CEO) of the now-defunct Menzgold Ghana Limited, has pleaded not guilty to face 39 charges brought against him.
These charges are related to his alleged involvement in defrauding several Ghanaians of GHC 1.68 billion.
During a court appearance, Nana Appiah Mensah, commonly known as NAM1, along with Menzgold Ghana Limited and Brew Marketing Consult, collectively faced 39 counts.
These charges include 22 counts of defrauding by false pretense, seven counts each of money laundering and fraudulent breach of trust, along with additional counts for inducement to invest, operating an unlicensed deposit-taking institution, and selling gold without proper licensing.
The charges allege that Nana Appiah Mensah, acting through Menzgold Ghana Limited and Brew Marketing Company, persuaded customers to invest GHC 1.68 billion, with some of the funds being transferred to personal accounts.
NAM1 is also accused of using his media company, Zylophone Media, to launder money that he knew to be proceeds of criminal activity.
Nana Appiah Mensah is facing a total of 36 charges, including abetment, defrauding by false pretences, conducting deposit-taking business without a license, unlawful deposit-taking, money laundering, and other related offenses. These charges were reduced from the initial 61 after the Attorney General submitted new charges.
The legal proceedings against NAM1 began in 2019, with allegations of defrauding numerous customers through his gold dealership company, resulting in significant financial losses.
The case has seen multiple adjournments, and the latest charges were brought forward after NAM1 announced intentions to release locked-up funds to Menzgold customers, contingent on a payment for verification purposes. However, he later reversed this decision due to public opposition.