In the ongoing trial of Nana Appiah Mensah, also known as NAM1, the Chief Executive Officer of Menzgold Ghana Limited, significant developments have taken place as the State Prosecutors have closed their case. This comes after the conclusion of cross-examination by NAM1's legal team of ASP Charles Nyarko, the Investigator who was the 8th Prosecution Witness in the case.
The trial, which officially began on December 20, 2023, has seen a series of witnesses called by the Prosecution, including individuals such as a Civil Engineer, a Sales Manager, a businesswoman, a miner, a trader, and others. The case was closed on March 26, 2024, with the Investigator ASP Charles Nyarko being the final witness presented by the Prosecution.
The High Court in Accra, presided over by Justice Ernest Owusu Dapaa, has set deadlines for the next steps in the trial. Defense lawyer Kwame Boafo Akuffo has been ordered to file a submission of no case by April 15, while the Prosecution has until May 6, 2024, to file their reply. Additionally, both parties will have an opportunity to highlight key points on May 14.
NAM1 and two of his companies – Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited – are facing charges related to defrauding customers of over GH¢340 million between 2016 and 2018. The charges include selling gold without a license, operating a deposit-taking business, inducement to invest, defrauding by false pretense, fraudulent breach of trust, and money laundering.
NAM1 has pleaded not guilty to all charges and is currently on bail. The case revolves around allegations that Menzgold operated as a deposit-taking business under the guise of gold trading without the required license. It is further alleged that the company breached its restricted gold purchase and exportation license by selling gold to individuals in Ghana.
The Prosecution has stated that over 16,000 individuals deposited substantial sums of money with the expectation of guaranteed returns, despite warnings issued by relevant agencies. Subsequently, customers faced challenges with delayed payments and dishonored cheques, leading to investigations and the eventual petitioning of the police by affected individuals.
As the trial progresses, it remains a complex and high-profile case that has garnered significant attention. The legal proceedings will continue to unfold as both the Defense and Prosecution present their respective submissions and arguments.
The outcome of this trial will undoubtedly have far-reaching implications and will be closely watched by many. It is a case that has brought to light important issues related to financial regulation and consumer protection, and its resolution will be of great interest to all stakeholders involved.
-source starrfm | curated by Aisha Yakubu | Ghana Crime
