Video: Menzgold’s source of investment has crashed; the money is gone – NAM 1’s colleague claims

The fears for several thousands who invested huge sums of monies in Menzgold appear to be inching closer to reality as a former colleague of the Chief Executive Officer of the beleaguered gold dealership firm asserts monies put in by these Ghanaians may never be recovered.

Eric pope Akaah, a US-based Ghanaian who together with Nana Appiah Mensah shared the same platform with Bitworld Center and Cryptoworld, two international platforms that operated as a Ponzi scheme in the US which later turned disastrous narrates to Kofi TV the ins and outs of the said scheme run by the man popularly referred to by many as NAM 1.

The two financial institutions according to Mr Akaah provided its customers with mouth-watering yields but ended up defrauding several people, one of whom he suspects to be the Menzgold CEO, Nana Appiah Mensah.

Eric Akaah says associates from Bitworld Center made up to 2.9% per night over investments or as much as 3 times the seed money, a move which attracted several customers.

To prove his point, he mentioned that Menzgold’s predicaments begun just a day after the two organizations ‘vanished into thin air’.

He added that those who fell victim to the scam were patrons who kept investing more of their profits and with Menzgold’s business model, he is sure NAM1 invested the company’s money into the ‘malicious’ business.

“What happened to Ghana is unfortunate. There was this platform called Bitworld center. The higher the number of people you bring, the higher your returns. Whatever you put in at the end of the night, you’ll be given 2.9%. I realized NAM1 was also on the platform. Menzgold collapsed a day after Bitworld center collapsed and Cryptoworld followed suit. I don’t know if NAM1 is saving elsewhere but I’m not sure NAM1 can get Ghanaians’ money for them because his source of investment has crushed. One day we woke up only to find out that the two companies were no more in existence. Just like that. If you even trace their domain name on google, you would find nothing,” he stated.

What is really happening?

Menzgold is reported to have a client base of about 60,000, all of them promised between 7% to 10% returns on special gold collectables bought and deposited with the company.

The scheme which run for about four years finally came to an end after the Securities and Exchange Commission (SEC) ordered the flashy company to halt its unlicensed operations.

Since the order last September, customers have endured no small frustration in getting the company and its socialite CEO, Nana Appiah Mensah to refund their monies.

He is said to have absconded, although the company’s PRO has said he has travelled abroad to look for money to pay customers.

Meanwhile, a warrant has been issued for his arrest whiles the police has said Interpol with a presence in 194 countries will assist in apprehending the man wanted for defrauding by false pretence and money laundering.

Menzgold customers have expressed delight that the state is finally taking steps to get Nana Appiah Mensah to account for their monies

watch the full interview below

credit: ghanaweb

Publish on Apt

Do you have any Social, informational, educational or entertaining stuff that should be featured on www.aptnewsghana.com?

Please submit your stories, pictures, and videos to us via WhatsApp: +233548388489 or click on the icon on your screen. Alternatively, email us: aptnewsghana@gmail.com

RSS APO Group – Africa-Newsroom: latest news releases related to Africa

  • How solid states beat hard choices - and why the financial sector is implementing all-flash storage (By Sphumelele Ndlovu) September 21, 2021
    Download logoBy Sphumelele Ndlovu We are living through a fourth industrial revolution, led by a mix of emerging technologies. This shift means that financial services providers will have to rethink the way they operate to deliver new value for all stakeholders. Business leaders and ICT experts from Eastern Africa and the globe will convene Sep […]
  • Promoting Inclusive Financial Services to Build a Fully Connected, Digital World (By Li Xianhui) September 21, 2021
    By Li Xianhui, Global Financial Services Business Unit, Huawei Enterprise BG (https://e.Huawei.com) As digital technologies, the Internet, and mobile communications become more integrated with the financial services industry, financial transaction modes and service models are evolving. Digital, mobile, and intelligent financial inclusion have become significant trends. At the 2016 G20 Hangzhou Summit, the concept of […]
  • Unlocking Investments into Africa's Renewable Energy Market September 21, 2021
    Download logoThe African Energy Guarantee Facility (AEGF) is launching a virtual roadshow of free webinars allowing a deeper understanding of risk issues for renewable energy projects on the continent, and conversations around risk mitigation solutions. The first webinar will take place on Thursday, 23 September from 14:30-16:00 hrs. EAT. Please click here (https://bit.ly/3CyCtgo) to register for the […]
  • Partnership for data-driven early response to hunger launched September 21, 2021
    [youtube https://www.youtube.com/watch?v=lMb7HjtAUaU&w=854&h=480]Leading research and humanitarian agencies have joined forces to harness data and technology in a bid to stop climate shocks resulting in hunger in vulnerable livestock farming communities. The Jameel Observatory for Food Security Early Action is being created to help tackle the growing threat to people in the world’s drylands posed by the […]
  • Resilience and recovery: Africa's complex pandemic recovery will be shaped by how its governments respond to innovation in healthcare, mounting debt pressures, and regional insecurity against the geopolitical backdrop of a recalibration of relations with the rest of the world September 21, 2021
    Leading global specialist risk consultancy, Control Risks (www.ControlRisks.com), and Oxford Economics Africa, announced the launch of the sixth edition of their Africa Risk-Reward Index today. The Africa Risk-Reward Index is an authoritative guide for policymakers, business leaders and investors.  The report monitors developments in the investment landscape in major African markets and delivers a grounded, […]
  • Trading robots - how effective are they? September 21, 2021
    Emotional attachment, more commonly referred to as emotional trading, is one of the most detrimental contributors to an online trader's profitability and overall market success. Emotions such as fear, greed, hope and frustration, can cause traders to think irrationally and often result in increased risk and making the wrong trading decisions. It is for this […]
  • Canon partners with the United Nations for the Global Week to #Act4SDGs, to educate and inspire the next generation to become active changemakers September 21, 2021
    Canon (www.Canon-CNA.com), a global provider of imaging technologies and services, is partnering with the United Nations to take part in the Global Week to #Act4SDGs from the 17th – 28th September. Canon will showcase its commitments to the UN’s Sustainable Development Goals (SDGs), as well as featuring in the UN’s ‘Turning Point Dialogue’ interview series […]
  • U.S. Travel Restrictions Lifted; Move Welcomed by Energy Industry September 21, 2021
    The United States will lift restrictions on air travelers from 33 countries from November, the White House announced on Monday. Energy Capital & Power (ECP) (www.EnergyCapitalPower.com), organizer of the U.S.-Africa Energy Forum (USAEF), and the African Energy Chamber, host of the African Energy Week in Cape Town, welcome the news. Current bans on travel from […]
  • Launch of the 2021 Edition of the Africa Risk-Reward Index September 21, 2021
    [youtube https://www.youtube.com/watch?v=_bDT4SlIg7I&w=854&h=480]Leading global specialist risk consultancy, Control Risks, and Oxford Economics Africa, will launch their sixth edition of their Africa Risk-Reward Index. We have a global team of Africa experts available to share their insights and views on Africa’s post-pandemic recovery and the key themes featured in the 2021 report. Distributed by APO Group on […]
  • Saloodo! rolls out new "Closed Shop" feature September 21, 2021
    The logistics start-up Saloodo! (www.Saloodo.com) has integrated a new feature into its freight platform that makes it even easier for shippers to find perfectly matching carriers for their transport needs. With the "Closed Shop" feature, companies can now offer their transport orders to pre-selected transport service providers on demand - worldwide. "At Saloodo! we are […]
About Editor 618 Articles
Joe Bright Nyarko Journalist/Communication Researcher. Environment & Sustainability Advocate. Managing Editor of aptnewsghana.com, a non-profit news portal with bias towards environment and sustainability issues, rural development policies and gender & inequality.