April 24, 2024


A Menzgold investor who was a victim of a gun-threat by Nana Appiah Mensah popularly known as NAM-1 has walked down the witness stand without any cross examination from lawyer for NAM 1, Kwame Akuffo.

Madam Priscilla Adu-Boateng, who is the 5th Prosecution witness is a trader and a single mother with four children who told the count how Nana Appiah Mensah NAM1 threatened her and other Menzgold customers with guns at Trassacco after they accosted him.

She testified that after investing GH¢760,000 in Menzgold, NAM1 rather assaulted her when she demanded her money and the returns.

According to Madam Adu-Boateng, on January 8, 2020, NAM 1 pulled a gun when she went to his house at Trassaco in Accra with other aggrieved customers to demand for their monies.

Lawyer for NAM1 Kwame Akuffo who was observing the witness testimony led by Director of Public Prosecutions (DPP), Yvonne Atakora Obuobisa declined to cross-examine Adu-Boateng.

Madam Adu-Boateng said the advertising billboard of Menzgold attracted her to Invest. She further explained that said an executive of Menzgold persuaded her for about a year before she finally decided to invest in the business.

NAM1 is on trial for fraud after the collapse of Menzgold and has pleaded not guilty to all the charges and is on bail of GH¢500 million with four sureties.

According to the prosecution, between 2017 and 2018, NAM1 and Menzgold invited members of the public to purchase gold from Brew Marketing Consult Ghana Limited and to deposit same with Menzgold.

NAM1 represented the two companies as deposit-taking businesses, inviting members of the public to deposit he purchased gold with Menzgold in return for profits ranging from 7 to 10 per cent.

16,000 members of the public deposited huge sums of money with the expectation that they were dealing with an authorised deposit-taking business, which would guarantee them the returns as advertised by the accused persons.

Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited ignored several engagements and warning notices issued by the relevant agencies including the Bank of Ghana and SEC.



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