NAM1 released from Police custody

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The Chief Executive Officer of gold dealership company, Menzgold, Nana Appiah Mensah has been released from police custody after meeting the bail requirements.

This comes on the back of the variation of his bail conditions by the circuit court on Tuesday.

Nana Appiah Mensah was granted bail on July 26, 2019, but had been in police custody due to his inability to meet the conditions including GHc 1 billion bail bond with five sureties of whom three are to be justified.

Prior to the release, his lawyers claimed the bail conditions were unfair and pleaded with the court for a review.

His lawyer Kwame Akuffo prayed the court to reduce the bail bond to GHc five million.

The court in its ruling maintained the bail at a cost of one billion cedis but varied the surety conditions.

Judge Harriet Naa Akweley Quaye ruled that NAM1 should provide five sureties but none of them needs to be justified.

The case was subsequently adjourned to September 3, 2019

NAM1 is facing 13 counts of defrauding by false pretences, money laundering, abetment and carrying on deposit-taking business without licence contrary to Section 6 (1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).

He has been accused of defrauding his customers of about GHc1.68 billion.

According to the charge sheet, the money was from 16,000 people who invested a total of GHc1,680,920,000 in the company.

The charge sheet indicated that Mr. Appiah Mensah’s two companies; Brew Marketing Consult and Menzgold Ghana Limited have also been charged with defrauding by false pretence.

Mr. Appiah Mensah’s sister and his wife, Benedicta Appiah and Rose Tetteh, have also 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 Act 930.

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