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The plaintiffs – from Ghana 's navy, air force and army – are asking the High Court to order their money back.
According to the complainants, all efforts to recover the money had been unsuccessful.
According to the writ of summons issued December 12, 2018, they ask the court to order the repayment of their money between 18 000 and 244 000 GH.
The amounts quoted on the court documents filed represent the principal applicant.
The plaintiffs argue that even if the defendant claims to be unable to pay their interest, they are entitled to their principals.
Applicant's case
One statement accompanying the writ of summons stated, inter alia, that the defendant, through advertisements and his agents, had contacted the Ghanaian public to subscribe to his services.
The plaintiffs took advantage of the announcements to subscribe to the defendant's services by investing various sums of money in 2018.
According to the statement, the agreement reached between the plaintiffs and the company allowed them to make a return on their investment of 10% for those who invested at least GHG 24,000 and at least 7% for those who invested less than DH 24,000.
He said that the agreement was concluded for a period of 12 months, after which investors were allowed to terminate or reactivate their investments.
According to the statement, the defendant company paid the interest, commonly referred to as the additional value, but ceased operating in August 2018 and has since neither paid interest nor repaid the principal.
According to the statement on several occasions, the plaintiffs attempted to recover their money by hanging on an obstacle.
"The plaintiffs have approached the defendant countless times, but they still face excuses and postponement," he said.
Sweat and tears
Presenting themselves as men and women working in Ghana's armed forces, the plaintiffs claimed to have invested their "sweat and tears" in the defendant company.
They said they feared that their hard earned money by what they called "sleepless treks and peacekeeping missions" was what they invested in Menzgold.
The plaintiffs therefore requested the court to order the defendant company to repay their investments.
Replacement service
Since then, the issuance of the writ of summons has failed to serve it on the gold trading company.
Following this, his lawyer, Mr. Yaw Owusu Anane-Asante, filed a request for substituted service on January 8, 2019.
The court, presided over by Judge Jerome Noble Nkrumah, ordered that the writ of summons, the declaration and the substituted order of service be notified to the defendant via the high court's bulletin board and published display boards of the last known post of the defendant.
The notices must last 14 days.
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