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CEO of distressed gold distribution company Menzgold will make his third court appearance in Dubai on Thursday, Feb. 14, where he faces a $ 23 million criminal offense charge went wrong.
Nana Appiah Mensah, known as NAM1, is currently in custody in the Al Barsha police cell.
The criminal charge of offense in Dubai equates to a second degree crime in Ghana and if he was convicted, he could spend up to two years in jail.
A source close to the United Arab Emirates (UAE) judicial system said he could also face civil suits from the plaintiff, who is seeking to recover $ 23 million. Failure to pay this money could be worth an additional three years.
Back home, the Organization for Combating Organized and Economic Crime (EOCO) froze the properties of Menzgold and its badociated companies.
Menzgold is delaying the investments of thousands of customers who, since last September, have not been able to access their interests and their principal.
Based in Dubai businessman Nana Appiah and eight of her business partners were reported to the Dubai police for fraud in May 2018.
As a result, their names were placed on the wanted list by the UAE police on May 24, 2018.
Ignoring this, Nana Appiah responded to an invitation from the Applicant to Dubai, but on his arrival on Friday, December 7, he was arrested at the airport while he was presenting his pbadport for check – in. ;immigration.
He was first sent to court on Wednesday, January 30th.
The news of Nana Appiah's arrest in Dubai was revealed after the criminal investigation department of the Ghana police had obtained a stop-over warrant from a circuit court in Accra Wednesday, January 9 for his arrest on charges of fraud under false pretenses and money laundering.
This information had been preceded by reports that he had violated bail conditions granted by the Bureau of National Investigations, who were investigating him but could not find him.
Meanwhile, some anxious clients of Nana Appiah had pleaded before him in the court of Menzgold's inability to pay for their return or principal since September 2018.
The company paid between 7% and 10% monthly interest rates on investments, but the Bank of Ghana and the Committee on Security and Trade (SEC) warned Ghanaians against the risk of their investments, which they likened to a ponzi scheme.
The SEC then ordered Menzgold to stop receiving deposits, despite protests from the company and its customers.
According to EOCO, although it was also investigating Menzgold for possible violation of the 2016 Law on Banks and Specialized Deposit Institutions (Law 930), as reported to it by the Bank of Ghana (BoG), it There was a lack of cooperation. on the side of his boss.
An investigation delegation sent by thethe government, indicated that the UAE authorities would make Nana Appiah available to their Ghanaian counterparts during the final judgment of her case.
A joint statement from EOCO and the Ghanaian police, released at the end of the visit on Friday, January 18, indicates that he has cooperated with the delegation and provided security and security officials with information. Legal advisers a detailed statement to help them in their investigations of the Menzgold saga. taken.
The statement, jointly signed by Assistant Commissioner of Police (ACP), David Eklu, Director General of the Ghana Police Directorate of Public Affairs, and Abu Issah, Acting Head of EOCO's Office of Legal Affairs and Prosecutions , confirmed the determination of both bodies to continue their investigations and procedures to solve the problem.
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