{"id":1942,"date":"2019-01-14T07:37:52","date_gmt":"2019-01-14T07:37:52","guid":{"rendered":"https:\/\/www.aptnewsghana.com\/?p=1942"},"modified":"2019-01-14T07:38:09","modified_gmt":"2019-01-14T07:38:09","slug":"why-nam1-was-arrested-in-dubai","status":"publish","type":"post","link":"https:\/\/www.aptnewsghana.com\/index.php\/2019\/01\/14\/why-nam1-was-arrested-in-dubai\/","title":{"rendered":"Why NAM1 was arrested in Dubai"},"content":{"rendered":"\n<p> Fresh information available to Graphic Online indicates that Nana Appiah  Mensah, aka NAM1, chief executive officer of troubled gold dealership  company, Menzgold, has been under arrest in Dubai since December 4,  2018.<br><br> His arrest, however, follows an alleged misrepresentation to security  authorities in Dubai by a Dubai based company that he could be connected  to an alleged botched gold business with a Ghanaian company, one of  whose officials was known to him, close associates briefed on the matter  have averred.<br><br> Graphic Online\u2019s sources close to the matter claim he had landed in the  Persian Gulf business hub in the late last year in the hope of  retrieving some $39 million owed Menzgold by a Dubai-based company,  Horizon Royal Diamonds DMCC, for the supply of gold.<br><br><strong>The story<\/strong><br><br> The sources indicate that in 2016, an unnamed official of the Economic  and Organised Crimes Office (EOCO) had recommended Menzgold to officials  of Horizon Royal Diamonds for the supply of huge quantities of gold.  That recommendation came because, according to the sources, the Dubai  company had been duped by some Ghanaians previously.<br><br> Horizon Royal Diamonds and Menzgold duly established contact, however,  before the deal could be struck, persons privy to the discussions  presented themselves to Horizon Royal Diamonds with the promise of a  better deal, to which officials of the Dubai-based company fell for.<br><br> It turned out that Horizon Royal Diamonds alleged later that it parted  with no less than $51 million for which no gold whatsoever was supplied.<br><br> Officials of Horizon Royal Diamonds later reverted to Menzgold\u2019s Nana  Appiah Mensah in 2018, to supply them the gold, upon which request he is  said to have demanded an undertaking not to be linked to the  transaction with Just Gold Company Limited, the company Horizon Royal  alleges it paid the $51 million.<br><br> That undertaking duly arrived, spelling out Menzgold\u2019s disconnection  with the deal said to have gone bad and its lack of liability. Following  that undertaking, Menzgold proceeded to supply 750kg of gold to Horizon  Royal Diamonds, at an agreed price of $28 million at the time of  supply.<br><br> \u201cPer the arrangement between the two companies, it is now worth $39  million and Nana had gone there to facilitate the retrieval of the money  when the SWIFT transfer account details the guys in Dubai provided  turned out to be fake. He wanted his money to come and sort out the  current situation with his company, but the guys rather reported him to  the Dubai authorities accusing him of fraud. That is why he was arrested  but God willing, he will be out by Wednesday to return to Ghana,\u201d a  source close to Nana Appiah Mensah told Graphic Online.<br><br> The source said Menzgold had duly reported the fake SWIFT detail to  EOCO, insisting that \u201chis arrest has nothing to do with Ghana police or  Interpol; he only wanted his money to come and sort out Menzgold  customers.\u201d<br><br> \u201cHe will come home soon, hopefully by Wednesday he will be freed. The  bail bond posted by the Dubai authorities has been met. Ghanaian  officials in Dubai even visited him on Sunday and if they are minded to,  they could be telling the public the true story of why NAM1 was  arrested.\u201d <\/p>\n\n\n\n<p>credit:<a href=\"http:\/\/www.graphic.com.gh\/\"> graphic.com.gh<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>Fresh information available to Graphic Online indicates that Nana Appiah Mensah, aka NAM1, chief executive officer of troubled gold dealership company, Menzgold, has been under <a class=\"mh-excerpt-more\" href=\"https:\/\/www.aptnewsghana.com\/index.php\/2019\/01\/14\/why-nam1-was-arrested-in-dubai\/\" title=\"Why NAM1 was arrested in Dubai\">[&#8230;]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1945,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[8],"tags":[294,295],"class_list":["post-1942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-menzgold","tag-nam1"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - 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