Menzgold CEO, NAM1 arrested in Dubai

Nana Appiah Mensah, chief executive of Menzgold, the self-styled gold dealership at the centre of heated controversy since its collapse in September last year, has been arrested in Dubai.

Nana Appiah Mensah, chief executive of Menzgold, the self-styled gold dealership at the centre of heated controversy since its collapse in September last year, has been arrested in Dubai.

A warrant for his arrest was issued by a circuit court on 9 January after he failed to pay back monies owed to investors in his failed company.

The government of Ghana had exerted huge pressure on the law-enforcement agencies and financial regulators to bring the failed company boss to book

The Daily Statesman has confirmed through sources inside Interpol that the fugitive boss, popularly known as NAM1, was arrested following a complaint by a gold dealer who alleges that he has been duped by the Ghanaian.ADVERTISEMENT

The Economic and Organised Crimes Organisation (EOCO) had been investigating Appiah Mensah before he jumped bail conditions set by the Bureau of National Investigations. EOCO has confirmed that it has established contact with the detainee in Dubai.

Illegal business

Menzgold promised clients monthly interest of between 7 and 10% interest on “gold collectibles” deposited with the company.

The unlicensed dealership was said to have attracted up to 60,000 depositors despite repeated warnings by the Bank of Ghana and the Securities and Exchange Commission not to do business with the company.

#In the past week, apologists for Menzgold from senior spokesmen fror the opposition NDC to NAM1’s self-appointed chief defender Bulldog, head of A&R at Appiah Mensah’s Zylofon Artists