Menzgold saga: NAM1 pulled a gun on us when we demanded our interest - Witness tells court

In the ongoing trial of Nana Appiah Mensah, also known as NAM1, the fifth prosecution witness, Priscilla Adu-Boateng, has testified that she was assaulted by NAM1 after investing GH¢760,000 in Menzgold.

According to a Graphic.com.gh report, she was assaulted when she demanded her returns.

The incident allegedly occurred on January 8, 2020, when Adu-Boateng, along with other aggrieved customers, visited NAM1's house at Trassaco in Accra.

Adu-Boateng, a single mother with four children, claimed that NAM1 pulled a gun during the confrontation.

“I am a single mother with four children, and these investments were made in furtherance of their education.

"My business is not thriving, and I am in the process of selling my house to make ends meet," she stated,

The witness, led by Director of Public Prosecutions (DPP) Yvonne Atakora Obuobisa, mentioned that the advertising billboard of Menzgold and persuasion by a Menzgold executive influenced her decision to invest.

NAM1 and his companies, Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited, face 39 counts, including selling gold without a license, operating a deposit-taking business without a license, inducement to invest, defrauding by false pretense, fraudulent breach of trust, and money laundering.

The charges relate to defrauding customers of GH¢340,835,650 between 2016 and 2018.

NAM1 has pleaded not guilty to all charges and is on bail of GH¢500 million with four sureties. The prosecution alleges that between 2017 and 2018, NAM1 and Menzgold invited the public to purchase gold, depositing it with Menzgold for promised profits.

Over 16,000 depositors faced challenges, with delayed payments or reduced dividends. SEC directed Menzgold to suspend operations in September 2018.

Investigations revealed that funds were transferred to Zylofon Media, a company related to NAM1, and used for personal purposes.

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