Embattled Chief Executive Officer (CEO) of Menzgold, Nana Appiah Mensah aka NAM1, has been granted bail by an Accra Circuit Court in the sum of Gh₵1billion with five sureties.
This was after his lawyer Kwame Akuffo, moved a bail application, Friday.
The presiding judge, Mrs Jane Harriet Akweley Quaye, ordered that NAM 1's three sureties must provide justification while the accused must also report to the police every Wednesday.
The CEO of embattled gold trading Menzgold has 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 the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).
His sister and wife have also been slapped with two counts of abetment to defraud by false pretence and two counts of abetment to carry out banking business without licence contrary to section 6(1) of Act 930.
Meanwhile, two of his companies; Brew Marketing Consult and Menzgold Ghana Limited have each been charged with defrauding by false pretence, contrary to sections 20 (1) and 13 (1) of the Criminal Offences Act, 1960 (Act 29).
Background
NAM1 is standing trial for allegedly defrauding 16,000 people of GH¢1.68billion in the name of investing their monies.
It is the case of the state that the embattled CEO, who returned to Accra on Thursday July 11, 2019 after months of detention in Dubai in the United Arab Emirates, contravened sections of the Banks and Specialised Deposits Taking Act, 930 and the Criminal Offences Act while operating Menzgold and its sister company, Brew Marketing.
He has been charged with two counts of abetment to defraud by false pretence and two counts of abetment to carry out banking business without licence, contrary to Section 6 (1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).
Two of his companies — Brew Marketing Consult and Menzgold Ghana Limited — represented by him, have each been charged with defrauding by false pretence, contrary to sections 20 (1) and 13 (1) of the Criminal Offences Act, 1960 (Act 29), reports Graphic Online's Mary Mensah in charge of the crime beat.
The two companies have also been charged with carrying out a deposit-taking business without a licence, contrary to Section 6 (1) of Act 930.
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