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Police in Dubai has confirmed that the Chief Executive Officer of troubled gold dealership firm, Menzgold, Nana Appiah Mensah popularly known as NAM 1 has been arrested.

However, contrary to reports that he was arrested on Saturday, January 13, Dubai officials claim he has been under arrest since December 7, 2018 over a botched gold transaction.

A statement from the Ghana Police Service and signed by Director-General/Public Affairs, indicate that “Ghanaian officials have visited NAM 1 in the custody of Dubai police".

“Engagements with Dubai authorities on the next steps have commenced and the police administration assures the public that due process will be followed," the statement added.

NAM 1, is at the centre of heated controversy since the closure of his gold collectible firm in September last year.

A warrant for his arrest was issued by a circuit court in Accra on 9 January after he failed to pay back monies owed to investors in his 'failed' company.

Read a copy of the police statement below: