Menzgold CEO’s Arrest Warrant (Nam1)

Menzgold CEO’s Arrest Warrant (Nam1)

Nana Appiah Mensah (Nam1)

A warrant for the arrest of mighty and well known businessman Nana Appiah Mensah has been issued in Accra after his gold investment company, Menzgold, failed to refund its client’s money.

The Circuit Court, which issued the warrant for the arrest of the Menzgold CEO, said Nana Appiah Mensah, is wanted for defrauding by false pretence. He is also wanted for money laundering.

Photo: Warrant for the Arrest of Nana Appiah Mensah

There are also warrants for the arrest of Rose Tetteh believed to be the wife of Nana Appiah Mensah and Benedicta Appiah, said to be his sister. There are reports that Nana Appiah Mensah has absconded with his family. They are believed to be in a Neighboring Country (Nigeria or South Africa).

Interpol with a presence in 194 countries has been alerted by the warrant.By the nature of the warrant, Ghanaians are all charged to arrest the businessman and two others cited in the order.

Menzgold has a wide range of clients who found the promised of 7% to 10% interest on their gold collectibles deposited with the company attractive.

The customers are said to include a wide range of Ghanaians, ranging from small-scale workers, local, top Army officers, successful businessmen and women to Ghanaians living abroad.

For frustrated clients of Menzgold who have their investments locked up in the company for months, this warrant is long overdue. They have been demonstrating for months urging government intervention in retrieving their monies. Seven have been arrested for demonstrating in Kumasi (A/R) in violation of the Public Order Act, the police say. But clients have said they are unmoved by the police action. Some have vowed to retrieve their monies at all cost including sacrificing the life.

Photo: Menzgold Customers on a Protest

Public views had been unforgiving after clients of the company ignored several warnings from the Bank of Ghana and later the Securities and Exchange Commission (SEC) not to transact business with Menzgold maintaining the business is not secure. But Menzgold customers enjoying fantastic rates demonstrated loyalty and verbally abused regulators and also branded media houses as pull-him-downs for relaying the warnings.

The company has struggled to pay earnings and refund investments as anxious clients thronged offices demanding their monies, since EC odered Menzgold’s shutdown on September 7^th.

Menzgold invites those with gold collectibles to deposit it at their vault with a mouth-watering promise of at least 7.5% returns monthly.

In effect, within a year, a client could make 90% returns on investments and at most 120%, a promise which Securities and Exchange Commission believes is – in the least – risky.

The sustainability of this business model was called into question because Menzgold’s promised 7-10% returns on gold collectibles exceed the international market returns on gold which ranges between two to three percent.