NAM 1 who was arrested in the UAE in December 2018, for allegedly defrauding a business partner, has been declared a wanted man by a Circuit Court in Accra.
It follows similar accusations by some 60,000 persons who invested in his Menzgold firm, which has been described as experts as a Ponzi scheme.
The investors were promised a 10% returns per month on their gold deposits, however, ever since the Securities and Exchange Commission (SEC) ordered a shutdown of the non-regulated aspect of the business, Menzgold has defaulted in paying the returns and also failed to pay the initial deposits. The customers are said to include bankers, small-scale miners, top military and police officers, clergymen and women and Ghanaians living abroad.
In a latest report, the Economic and Organised Crime Office (EOCO), says it has secured a court order confirming the freezing of assets of Menzgold and other related businesses belonging to its CEO, Nana Appiah Mensah (NAM 1).
EOCO in a release Tuesday, January 29 and signed by Public Relations Officer, Jacquline Avotri, advised family members of the wanted fugitive as well as associates in possession of such properties to submit them to their EOCO in their own interest.
“By this news release, all employees of the affected companies, relatives and friends who are in possession of any of such properties are to surrender same by the authority of the high court to the Economic and Organized Crime Head Office and Regional Offices in their own interest. Failure to do so will constitute contempt of court which will attract the appropriate sanctions,” the statement read in part. The listed properties include Landed Properties and Vehicles of Menzgold Ghana Limited, Menzgold Office Complex, Zylofon Art Complex, Brew Marketing Consult, Star Madrid Football Club, Zylofon Music and Media Company Limited, Brew Energy Company Limited as well as G-Tech Automobile Service.
The rest are Two (2) properties located at Trassaco Valley (Plot No. 315 and Plot No. 337), Plot of land (No. 54) near Oak Street- Trassaco Valley, Uncompleted Residence and 510 acres of land.