An Accra High Court is set to determine today, whether Nana Appiah Mensah, commonly known as NAM 1, will be acquitted or required to present his defense.
NAM 1, along with his companies, Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited, faces 39 charges. These include selling gold without a license, operating a deposit-taking business, inducement to invest, defrauding by false pretence, fraudulent breach of trust, and money laundering.
On Tuesday, June 11, 2024, a heated court session saw prosecution and defense lawyers, along with the accused and some of his alleged victims, presenting their arguments.
The session was prompted by an application of no case filed by NAM 1’s lawyers, who, after hearing testimonies from nine prosecution witnesses, asserted their client’s innocence.
Kwame Akuffo, lead counsel for the defense, argued that despite numerous complaints outside the court from alleged victims, only eight individuals had come forward to testify.
He questioned the prosecution’s portrayal of a large number of victims, suggesting that more should have appeared in court if the accusations were accurate.
Akuffo further contended that the prosecution’s charges of money laundering and defrauding by false pretence were mutually exclusive, and thus, NAM 1 could not be guilty of both.
He also presented documents indicating that NAM 1 paid taxes during his operations, arguing that the prosecution had not proven his client lacked a license to sell gold.
In response, the prosecution argued that Brew Marketing Consult, one of NAM 1’s companies allegedly used to defraud victims, was not recognized by the Minerals Commission of Ghana to purchase or export gold.
They also asserted that Menzgold was authorized to purchase and export minerals but not to operate as a deposit-taking business without a Bank of Ghana license.
The prosecution highlighted NAM 1’s inducement to invest, pointing out that he contracted celebrities for advertisements that misled the public.
They argued that even one witness could be sufficient for conviction and claimed that the defense inadvertently incriminated their client by presenting evidence of defrauded customers.
Currently, NAM 1 is out on a GH¢500 million bail with four sureties and has pleaded not guilty to all charges. The court will decide today if the prosecution’s evidence from nine witnesses is sufficient to proceed or if NAM 1 will walk free.
The charges include selling gold without a license, operating a deposit-taking business, inducement to invest, defrauding by false pretence, fraudulent breach of trust, and money laundering.