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