The Police Criminal Investigations Department says it has obtained a warrant for the arrest of the owner and Chief Executive of Menzgold Ghana Limited, Nana Appiah Mensah, who is alleged to have jumped bail.
Aside Nana Appiah Mensah, popularly known as NAM 1, two others are said have been declared wanted by the Police.
The two other individuals to be arrested are Benedicta Appiah and Rose Tetteh
“We are looking for him [Nana Appiah Mensah] to be arrested and that we have even obtained a warrant of arrest,” Director of the Police CID, DCOP Maame Yaa Tiwaa Addo-Danquah said
Reports suggest the warrant was issued by the Supreme Court following an order by the President, Nana Akufo-Addo
The embattled founder of Menzgold has been accused of the offense of defrauding by false pretence contrary to section 131 of Act 29/60.
This comes on the back of demonstration in Kumasi on Tuesday staged by some Menzgold customers.
In 2018, Over two hundred customers of Menzgold besieged the premises of the company’s head office at Dzorwulu to demand payment of their locked up investments.
On December 19, some 100 retired and active Police Officers at the Kasoa Divisional Police Command in the Central Region also filed a writ at the Accra High Court against the company.
Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).
According to the SEC, Menzgold had been dealing in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.
This, the SEC said was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”
The company was however cleared to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.”
Despite initial protests, Menzgold complied with the directive. It has however failed to fully pay its numerous aggrieved customers the value on their gold deposits as well as their entire investments.
Call for government’s intervention
A lot of Ghanaians had called for government’s intervention in dealing with Menzgold’s founder who have failed to pay back monies his customers invested in his company.
The lawyer for some aggrieved customers of Menzgold Ghana Company Limited, Amanda Clinton, says the company will be hit with a lawsuit for breach of contract.