The Chief Executive Officer of the defunct Menzgold, Nana Appiah Mensah aka Nam 1, has claimed that he is the largest loser in the matter, despite the fact that those who lost money as a result of his alleged Ponzi Scheme continue to demand justice for their losses.
On Sunday, July 20, 2023, NAM 1 remarked on a Twitter space that the failure of his company had caused him the most loss because he no longer had any property to his name.
“If you want to crown the biggest loser in all of this thing, I am the one, because I lost everything: I lost all my properties and I don’t even have a car of my own in this country,” he stated.
The CEO facing numerous challenges responded to sentiments expressed by his customers during a Twitter Space session. The discussion revolved around the decision to impose a GHC650 fee for verification before disbursing their held funds.
Unsatisfied customers used the platform to express their discontent, branding Nana Appiah Mensah as lacking empathy, credibility, and accused him of manipulation.
Menzgold, the gold trading company, was forcibly closed down by the Securities and Exchange Commission in September 2018. Prior to its collapse, the firm operated an investment scheme promising monthly returns ranging between 7% and 10% to its clients.
According to the SEC, Menzgold operated beyond its granted license, prompting regulatory intervention.
Following the company’s downfall, NAM1, as he is known, faced criminal charges. However, critics have criticized the prolonged duration of his ongoing trial, which is yet to commence in full.