Court remands NAM 1 into police custody

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Menzgold Chief Executive Nana Appiah Mensah has been remanded into police custody after he appeared before court Friday Morning.

He is to reappear in court on July 26,2019.

The court granted the order after the police requested for two weeks to enable them complete investigations into allegations against NAM 1, as he is popularly known.

According to the reports the police quickly whisked him away after the ruling.

Police say the court process is in pursuance  of the cases that have been filed against NAM 1, as he is famously known, by disgruntled Menzgold customers.

Responding to reports that NAM1 is set to be arraigned before court Friday, DSP Obeng said: “He is going through a process. If he has to be detained, he will be detained and if he is not supposed to be detained too, of course, we will allow him to go.”

About GH¢200 million of depositors cash is believed to be held up at the collapsed gold dealership firm Menzgold.

Menzgold Ghana Limited folded up last year after the Securities and Exchange Commission (SEC) ordered it to suspend its operation with the public. Several efforts by the customers targeted at the company to get their monies have failed to yield any positive results.

According to the Commission, Menzgold did not have the license to trade in gold collectibles and that doing so was in contravention of the Securities Industry Act, 2016 (Act 929).

The collapse of the gold trading firm had been blamed on the directive.

President Akufo-Addo described the Menzgold crisis as tragic phenomenon for the country that appeared to have occurred in plain sight, and affected many people, “in spite of warnings from official institutions.”

He charged the relevant authorities to unravel the intricacies of “what happened in the Menzgold saga, I admonish all Ghanaians to learn the necessary lessons for the future, even as State institutions work to bring a resolution to the matter, and those who are seen to have indulged in criminal activities, are brought to justice.”

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