How NAM 1 was found in the Dubai prison in search of 39 million dollars worth of gold

General News on Thursday, January 31, 2019

Source: mynewsgh.com

2019-01-31

After obtaining a self-recognition bond from the Office of the Fight Against Organized and Economic Crime (EOCO) in Ghana sometime last year, Nana Appiah Mensah, chief executive of the hub Menzgold gold trading company, has escaped from the country hoping to get money from other transactions in order to pay the locked-in investments of its customers.

According to the audits of MyNewsGh.com, he first moved to Nigeria through the Togolese border, then to South Africa, where his family had been since the announcement of the alleged fraud committed by Menzgold before settling in the UAE in the last quarter of last year. year leading up to his arrest.

NAM 1 is expected to have gone to Dubai in the hope of recovering $ 39 million owed to Menzgold by a Dubai-based company, Horizon Royal Diamonds DMCC, for the supply of gold.

His intention was to use the money to settle Menzgold's investors, following the closure of the company by the Security and Exchange Commission (SEC) following a territorial war with the Bank of Ghana.

Sources close to the story had said that in 2016, an unidentified EOCO official had recommended Menzgold to Horizon Royal Diamonds officials for the supply of huge quantities d & # 39; gold. This recommendation came from the fact that, according to sources, the Dubai company was previously duped by Ghanaians.

Horizon Royal Diamonds and Menzgold have made duly established contacts. However, before the agreement was reached, people familiar with the discussions came to Horizon Royal Diamonds with the promise of a better deal, to which the Dubai-based company's officials fell.

It turned out that Horizon Royal Diamonds had subsequently claimed that it had sold at least US $ 51 million for which no gold was provided by that company.

The managers of Horizon Royal Diamonds, who then asked Nana Appiah Mensah of Menzgold in 2018, to provide them with gold, as a result of this request, he reportedly requested that a pledge not be tied to the transaction with Just Gold Company Limited, the company Horizon Royal claimed to have paid the US $ 51 million.

This commitment has duly arrived, pointing out Menzgold's disagreement with the agreement that went wrong and his lack of accountability.

As a result of this commitment, Menzgold provided Horizon Royal Diamonds with 750 kg of gold at an agreed price of $ 28 million at the time of delivery.

"According to the agreement reached between the two companies, the amount reached $ 39 million and Nana was there to facilitate the recovery of the money when the details of the SWIFT transfer account provided by the companies. agents in Dubai proved to be fake. He wanted his money to settle the current situation within his company, but the police instead reported it to the authorities in Dubai, accusing him of fraud, "said a source close to Nana Appiah Mensah.

At present, one wonders if NAM 1 could be extradited to Ghana in the near future to be the subject of fraud charges under false pretenses after a complaint was lodged with the police by Menzgold's injured clients.