NAM1 pleads not guilty to charges

Embattled Menzgold boss, Nana Appiah Mensah who is standing trial for allegedly defrauding about 16,000 people of GH¢1.68 billion in the name of investing their monies has pleaded not guilty to all charges levelled against him by the state.

NAM1 who appeared in court on Friday, July 26 in a black suit and white shirt has been charged with two counts of abetment to defraud by false pretence and two counts of abetment to carry out banking business without a licence, contrary to Section 6 (1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).

The Accra Circuit Court presided over by Jane Harriet Akweley Quaye granted NAM1 bail in the sum of GH¢1 billion with five sureties.

The judge however ordered that three of the sureties must provide justification while NAM1 must also report to the police every Wednesday.

Lawyer for the accused, Kwame Akuffo, who moved a bail application told the court that his client was not a flight risk and would always be available to stand trial.

He also prayed the court to grant his client bail on favourable terms considering the fact that the state has confiscated almost all his assets.

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).

His sister and wife have also 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 who are said to have aided Menzgold to carry out the fraudulent acts are still at large as their whereabouts still remain a mystery to the police.

Customers of Menzgold who have had their monies locked up as a result of the company being closedown besieged the court this morning, calling for NAM1's release.

Upon NAM1’s appearance at the court, the customers, holding various placards, began to scream “free NAM1, he is our hero”.

Some of the inscriptions on the placards are:

“Form committee for transparency now”, “suspend criminal charges now”, “23 people dead in Menzgold saga”, “no money for fees and medical bills” among others.

Sitting has been adjourned to August 12 2019.