NAM 1, wife, sister accused of fraud

General News of Saturday, July 13, 2019

Source: dailyguidenetwork.com

2019-07-13

Nana Appiah Mensah, aka NAM1, was placed in custody by the Accra Circuit Court, awaiting the outcome of the investigation, from the CEO of Menzgold Ghana Limited.

The troubled businessman, who arrived from Dubai on Thursday morning and was quickly apprehended by the police, was taken to court yesterday who had issued a warrant for arrest against him while He was abroad.

NAM1 has been imprisoned in Dubai since last December and was introduced to the country by Dubai Interpol and handed over to its Ghanaian counterpart.

The "millionaire" in trouble has been accused of defrauding about 16,000 customers for more than 1.68 billion GH ¢ between January 2017 and September 2018 under false pretenses.

Alongside NAM1, his wife, Rose Tetteh, as well as his sister, Benedicta Appiah; to help him in his alleged fraudulent act.

Charges

NAM1 faces four charges related to fraud and unlicensed exploitation.

He has been charged with instigating false pretense fraud and inciting him to engage in unlicensed banking, in violation of Section 6 (1) of the Bank Act, 2016 and specialized depository institutions (Law 930).

Two of its companies – Brew Marketing Consult and Menzgold Ghana Limited – represented by itself have been accused of defrauding under a false pretext in violation of Articles 20 (1) and 13 (1) of the 1960 Law on criminal offenses (Law 29).

NAM1 Complices

In addition to NAM1, his sister and his wife were also charged with false pretense fraud and two heads of detention for unlicensed banking, in violation of article 6 (1) of Law 930.

The two women who allegedly helped Menzgold to carry out the fraudulent acts are still on the run, their fate remaining a mystery to the police.

Early appearance

NAM1 was virtually "snuck" to court yesterday by police officers "for security reasons".

The police, the accused and his lawyers were on court premises as early as 6 am, even before the gates were opened.

He was then kept in the courtroom until about 9 o'clock, at which time the court began to sit.

The security did not allow dozens of journalists gathered to enter the courtroom where NAM1 was being tried and was immediately taken away after a short procedure.

facts

According to DAILY GUIDE, in October 2018, the Criminal Investigation Department (CID) received a request from 16,000 plaintiffs that Menzgold, through NAM1, and the other defendants urged them to deposit money that would yield a monthly interest of 10 percent

According to the facts, the plaintiffs made various sums totaling GH 1 680 920 000.

Nana Appiah, Benedicta Appiah and Rose Tetteh had run away and their offices and residents were locked up.

An arrest warrant was issued against the defendants until NAM1 returned to Ghana last Thursday after his arrest at Kotoka International Airport.

Police request

The prosecution, headed by ASP Sylvester Asare, told the court that she had no plans to take NAM1 's plea.

According to him, the case was still under investigation and urged the court to return the accused to justice so that he could carry out extensive work.

The court, chaired by Harriet Akweley Quaye, placed NAM1 in custody and returned him to court on July 26, 2019.

Genesis

Menzgold's misfortunes emerged on September 7, 2018, after the Securities and Exchange Commission (SEC) ordered it to suspend its gold trading operations with the public.

According to the SEC, the directive was based on the "fact" that Menzgold had negotiated gold collectibles with the public and had contracted them with guaranteed returns without a valid license from the commission.
The move, SEC explained, was contrary to "Article 109 of Law 929 with consequences under Article 2016 (I) of the same law".

The company was, however, allowed to continue its "other activities of badaying, buying gold from artisbad miners and exporting gold".