NAM1 files witness statements in GH¢340.8m Menzgold fraud trial
Former Menzgold Ghana Limited Chief Executive Officer Nana Appiah Mensah, popularly known as NAM1, has filed his witness statements in the ongoing criminal trial in which he is accused of using his companies to allegedly defraud more than 16,000 customers.
The defence has submitted seven documents, including agreements between the Government of Ghana and his company, as well as photographs of gold bars, to support its case.
The court has granted NAM1 until Friday, July 17, 2026, to file any additional documents he intends to rely on before continuing his evidence-in-chief on the same date.
NAM1, together with Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited, faces 39 charges, including operating a deposit-taking business without a licence, selling gold without a licence, inducing the public to invest, defrauding by false pretences, fraudulent breach of trust, and money laundering.
The charges relate to allegations that between 2016 and 2018, the accused entities defrauded customers of approximately GH¢340.8 million. NAM1 has pleaded not guilty to all charges and is on bail of GH¢500 million with four sureties.
According to the prosecution, the companies invited members of the public between 2017 and 2018 to purchase gold and gold collectibles through Brew Marketing Consult and deposit them with Menzgold in exchange for promised returns of between seven and 10 per cent.
Prosecutors contend that more than 16,000 people invested substantial sums believing they were dealing with a licensed deposit-taking institution. They further allege that the companies continued operating despite repeated warnings from regulatory authorities.
The prosecution says customers later experienced delayed payments, reduced returns and dishonoured cheques issued by NAM1 and Menzgold.
Following a directive from the Securities and Exchange Commission on September 7, 2018, Menzgold was ordered to halt its operations for operating without the required licence.
The prosecution further alleges that investigations revealed the accused obtained GH¢340,835,650 from customers through false pretences and that the funds remain unpaid. It also claims large sums of depositors’ money were transferred from Menzgold and Brew Marketing Consult to Zylofon Media, a company linked to NAM1, while other funds were allegedly paid into his personal bank accounts. Prosecutors maintain the funds were never recovered after Menzgold’s licence was revoked.
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