Lawyers of the Chief Executive Officer (CEO) of Menzgold, Nana Appiah Mensah have put forward a request for a variation to the GH¢1 billion bail and related conditions given by the court.
An initial plea by his lawyer, Mr. Kwame Akuffo for the amount to be reduced was disregarded by the court, leading to NAM1 being kept in police custody.
The embattled Menzgold CEO, popularly known as NAM 1 is being kept in police custody, although an Accra Circuit Court last week, granted him bail.
His continuous stay in police cell, is due to his inability to meet the bail conditions of a GH¢1 billion, with five sureties.
The bail was granted by Mrs. Jane Harriet Akweley Quaye, who presided the over the case at the Accra Circuit Court on July 26, 2019.
Per the bail conditions as ordered by the court, three of the sureties must be justified, while NAM 1 must also report himself to the Ghana Police Service every Wednesday.
Yesterday, ghanacrusader.com reported on a disclosure by reliable sources of a pending review of the bail conditions for Nana Appiah Mensah, who is standing trial on charges of defrauding by false pretense and abatement to carry out banking business without licence.
Two accomplices, NAM1’s wife and sister at large
Although NAM1 is in Ghana, facing the charges of defrauding by false pretense, and abatement to carry out banking business without licence, the two accomplices, his wife, Rose Tetteh and sister, Benedicta Mensah, are nowhere to be found.
Prosecutors have accused NAM1, and the two accomplices of being the principal officers of Menzgold, and using the company as a tool to defraud more than 16,000 people to the tune of GH¢1,680,920,000.
The three accused persons, Menzgold and its sister company, Brew Marketing Consult Limited (both represented by NAM 1), have been slapped with 13 counts.
Nana Appiah Mensah arrived in Ghana on July 11, 2019, where he was picked up by security operatives at the Kotoka International Airport and sent to the Criminal Investigations Department (CID) of the Ghana Police Service for interrogation after spending several months in Dubai in another legal battle.
Menzgold Customers Storm Court
Some disgruntled customers of Menzgold last week besieged the premises of the Accra Circuit Court to demand the release of Nana Appiah Mensah.
The investors of Menzgold expressed that, their presence at the court premises, was because CEO of embattled gold dealership company Menzgold has their money, which they desperately need.
The Menzgold saga is arguably the biggest defrauding case since 1995, when Managing Director of the Pyram Business Consultancies, Tanko Rahman Shadow defrauded hundreds.