NAM1 files witness statements in Menzgold trial, seeks to rely on seven defence documents
Former Chief Executive Officer of the defunct Menzgold Ghana Limited, Nana Appiah Mensah, popularly known as NAM1, has filed his witness statements in the ongoing criminal trial in which he is accused of using his companies to allegedly defraud more than 16,000 customers.
The witness statement is accompanied by seven documents, including agreements between his company and the Government of Ghana, as well as photographs of gold bars and other materials he intends to rely on in his defence.
The trial court has given NAM1 until Friday, July 17, 2026, to file any additional documents he wishes to tender as evidence. He is also expected to continue his evidence-in-chief on the same date.
NAM1, together with Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited, has pleaded not guilty to 39 charges, including selling gold without a licence, operating a deposit-taking business without a licence, inducing the public to invest, defrauding by false pretences, fraudulent breach of trust and money laundering.
The charges stem from allegations that the accused defrauded customers of a total of GH¢340,835,650 between 2016 and 2018.
The former Menzgold boss is currently on bail in the sum of GH¢500 million with four sureties.
According to the prosecution, NAM1 and Menzgold, between 2017 and 2018, encouraged members of the public to purchase gold and gold collectibles through Brew Marketing Consult Ghana Limited and subsequently deposit them with Menzgold for investment.
The prosecution contends that the accused represented the companies as deposit-taking institutions and promised investors returns of between seven and ten per cent on their investments.
It said more than 16,000 people responded to the offer, investing substantial sums of money in the belief that they were dealing with a licensed financial institution capable of delivering the promised returns.
Prosecutors further allege that Menzgold and Brew Marketing Consult continued operating despite repeated engagements and warning notices from regulatory authorities.
According to the prosecution, many customers eventually encountered delayed payments, reduced investment returns and dishonoured cheques issued by NAM1 and Menzgold.
On September 7, 2018, the Securities and Exchange Commission (SEC) directed Menzgold to suspend its operations for engaging in investment activities without the required licence.
The prosecution said that between November 2016 and March 2019, numerous customers lodged complaints with the police after failing to recover their investments despite repeated demands.
Investigators, the prosecution said, established that the accused obtained a total of GH¢340,835,650 from customers through false pretences and that the funds have not been repaid.
The prosecution also alleges that significant amounts of depositors' funds were transferred from Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited to Zylofon Media, a company linked to NAM1.
It further claims that substantial sums were either withdrawn directly by NAM1 or transferred into his personal bank accounts for his own use.
According to the prosecution, investigations established that the funds allegedly obtained from depositors were dishonestly appropriated and remained unpaid following the revocation of Menzgold Ghana Limited's operating licence.