NAM1 charged with 4 counts of fraud and doing banking business without licence

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Nana Appiah Mensah, CEO of Menzgold

The Chief Executive Officer (CEO) of Menzgold
Ghana Limited, Nana Appiah Mensah, aka NAM1,
has been charged with two counts of abetment to
defraud by false pretence and two counts of
abetment to carry out banking business without
licence, contrary to Section 6 (1) of the Banks and
Specialised Deposit-taking Institutions Act, 2016
(Act 930).

NAM1 who returned to Accra on Thursday July 11,
2019 after months of detention in Dubai in the
United Arab Emirates is expected to appear before
the Accra High Court today for allegedly defrauding
16,000 customers of more than GH¢1.68 billon
between January 2017 and September 2018.

Two of his companies — Brew Marketing Consult
and Menzgold Ghana Limited — represented by
him, have each been charged with defrauding by
false pretence, contrary to sections 20 (1) and 13
(1) of the Criminal Offences Act, 1960 (Act 29),
reports Graphic Online's Mary Mensah in charge of
the crime beat.

The two companies have also been charged with
carrying out a deposit-taking business without
licence, contrary to Section 6 (1) of Act 930.

Also facing the law are his sister and his wife,
Benedicta Appiah and Rose Tetteh, respectively,
who have been slapped with two counts of
abetment to defraud by false pretence and two
counts of abetment to carry out banking business
without licence, contrary to Section 6 (1) of Act
930.

 The two women are, however, at large.

Particulars of the offences
A charge sheet sighted by Graphic Online's Mary
Mensah stated that between January 2017 and
September 2018, Brew Marketing Consult and
Menzgold defrauded one Francis Agodzie and
16,000 others of more than GH¢1.68 billon.

It further accused the two entities of carrying out
an illegal deposit-taking business during the same
period.

The charge sheet explained that Mensah, Appiah
and Tetteh aided Brew Marketing Consult and
Menzgold to defraud the customers of the GH
¢1.68 billon.

With regard to the charge of abetment to carrying
out deposit-taking business without licence, the
three suspects are accused of aiding the two
companies to illegally carry out a deposit-taking
business.

Source: Graphic.com.gh
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