In the trial of Menzgold Ghana Limited’s CEO, Nana Appiah Mensah (NAM1), and two others, the eighth prosecution witness testified that the accused extorted money from customers while attempting to recover locked-up funds.
NAM1 and his companies, Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited, face charges of defrauding by false pretences, inducing public investment, and money laundering.
The witness, Benjamin Baffoe, revealed making GH¢840,000 in Menzgold between December 2017 and June 2018. Despite efforts through the Coalition of Aggrieved Customers to retrieve funds, customers were asked for additional payments.
Various attempts, including a migration fee and retrieval fees, proved unsuccessful, leading to accusations of extortion from customers.
“Menzgold again asked customers to pay nine per cent of their existing investments to retrieve their money but just like the other payments, this also failed to produce any result.
The case has been adjourned to February 7, 2023, with NAM1 pleading not guilty to 39 counts of charges, including selling gold without a license and money laundering.
The allegations involve defrauding customers of GH¢340,835,650 between 2016 and 2018. NAM1 is on bail of GH¢500 million with four sureties.
Prosecution’s facts detail how Menzgold invited the public to deposit gold for promised profits, with over 16,000 people depositing money.
Despite warnings and SEC’s directive to suspend operations, NAM1 and Menzgold continued, leading to financial challenges for customers. Investigations revealed funds were transferred to Zylofon Media and used personally by NAM1.
The fraudulently obtained money remains unpaid following Menzgold Ghana Company Ltd’s revoked license.