{"id":2526,"date":"2019-02-11T17:30:24","date_gmt":"2019-02-11T17:30:24","guid":{"rendered":"https:\/\/www.aptnewsghana.com\/?p=2526"},"modified":"2019-02-11T17:30:26","modified_gmt":"2019-02-11T17:30:26","slug":"nam1-faces-dubai-court-on-vals-day","status":"publish","type":"post","link":"https:\/\/www.aptnewsghana.com\/index.php\/2019\/02\/11\/nam1-faces-dubai-court-on-vals-day\/","title":{"rendered":"NAM1 faces Dubai court on Val\u2019s Day"},"content":{"rendered":"\n

The Chief Executive Officer (CEO) of embattled gold dealership \ncompany, Menzgold Ghana Limited, will make his third court appearance in\n Dubai on Thursday, February 14, where he is facing a misdemeanour \ncharge over a US$23 million deal, gone bad.<\/p>\n\n\n\n

Nana Appiah Mensah, alias NAM 1 is currently being held on remand at the Al Barsha police cell<\/a>.<\/p>\n\n\n\n

The criminal charge of misdemeanour in Dubai is equivalent to a \nSecond Degree Felony in Ghana and if found guilty he could spend up to \ntwo years in prison.<\/p>\n\n\n\n

A source familiar with the United Arab Emirates (UAE) justice system \ntold the Ghana News Agency (GNA)  he could also face civil charges from \nthe complainant, who is seeking to retrieve 23 million dollars and his \nfailure to pay that money could earn him an additional three-year jail \nterm.<\/p>\n\n\n\n

Back home the Economic and Organised Crime Organisation (EOCO), has \nfrozen the properties of Menzgold and its associated companies.<\/ins>
<\/p>\n\n\n\n

Menzgold is holding up the investments of thousands of customers, who\n have since September, last year, been unable to access both their \ninterests and principal. <\/p>\n\n\n\n

A Dubai-based business man reported Nana Appiah and eight of his business partners, to the Dubai Police for fraud in May 2018.<\/p>\n\n\n\n

Their names were, consequently, put on the UAE\u2019s Police list of Wanted People on May 24, 2018.<\/p>\n\n\n\n

Unaware of this, Nana Appiah responded to an invitation from the \ncomplainant to Dubai, but on his arrival, on Friday, December 7, he was \narrested at the airport when he presented his passport for immigration \nformalities.<\/p>\n\n\n\n

 He was first sent to court on Wednesday, January, 30. <\/p>\n\n\n\n

The news of Nana Appiah\u2019s arrest in Dubai came to light after the \nCriminal Investigations Department of the Ghana Police Service secured a\n warrant of arrest from an Accra Circuit court on Wednesday, January 9, \nfor his arrest on charges of defrauding by false pretences and money \nlaundering.<\/p>\n\n\n\n

This was preceded by media reports that he had violated the terms of \nthe bail granted by the Bureau of National Investigations, which was \ninvestigating him and he could not be traced.<\/p>\n\n\n\n

Meanwhile, some of Nana Appiah\u2019s anguished customers had brought up a\n case against him in court over the inability of Menzgold to pay their \nreturns or principal, since September 2018.<\/p>\n\n\n\n

The company was paying between seven and 10 per cent in monthly \ninterest rates on investments, but both the Bank of Ghana and the \nSecurity and the Exchanges Commission (SEC) warned Ghanaians over the \nrisk of their investments, likening it to a Ponzi scheme.<\/p>\n\n\n\n

The SEC, subsequently, directed Menzgold to stop receiving deposits, amidst protests from both the company and its customers.<\/p>\n\n\n\n

According to EOCO, though it was also investigating Menzgold for a \npossible breach of the Banks and Specialised Deposit-Taking Institution \nAct, 2016, (Act 930) as reported to it by the Bank of Ghana (BoG), there\n was a lack of cooperation on the side of its boss.<\/p>\n\n\n\n

A fact-finding delegation sent by the Government, reported that the \nEmirati authorities would make Nana Appiah available to their Ghanaian \ncounterparts upon the final determination of his case.<\/p>\n\n\n\n

A joint EOCO and Ghana Police statement, issued after the visit on \nFriday, January on 18,  said he cooperated with the delegation and \nprovided the security and legal officers an extensive statement to \nassist in their investigations into the Menzgold saga for the requisite \naction to be taken.<\/p>\n\n\n\n

The statement, jointly signed by Assistant Commissioner of Police (ACP) David Eklu, the Director-General of the Public Affairs Directorate of the Ghana Police Service and Mr Abu Issah, acting Head of the Legal and Prosecution outfit of EOCO, pledged the resolve of the two bodies to continue their investigations and processes to bring a resolution to the matter.<\/p>\n\n\n\n

credit: graphic.com.gh<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Chief Executive Officer (CEO) of embattled gold dealership company, Menzgold Ghana Limited, will make his third court appearance in Dubai on Thursday, February 14, […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":2019,"comment_status":"open","ping_status":"closed","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":[295],"class_list":["post-2526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-nam1"],"yoast_head":"\nNAM1 faces Dubai court on Val\u2019s Day - Apt News Ghana<\/title>\n<meta name=\"description\" content=\"Nana Appiah\u2019s arrest in Dubai came to light after the CID secured a warrant of arrest from an Accra Circuit court on Wednesday, January 9\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.aptnewsghana.com\/index.php\/2019\/02\/11\/nam1-faces-dubai-court-on-vals-day\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NAM1 faces Dubai court on Val\u2019s Day - 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