NAM 1 , Ghana's Ponzi King Faces New Charges
CEO of defunct Menzgold , Nana Appiah Mensa
The King of modern Ponzi Schmeme in Ghana , Nana Appiah Mensa popularly known as NAM 1 , has been slapped with fresh new charges by the state following his so-call operation of a gold buying and selling scheme which ended up defrauding thousands of unsuspecting depositors in the country .
The State on Tuesday filed new charges against the Chief Executive Officer of Menzgold, Nana Appiah Mensa his also known as NAM 1 at the Accra Circuit Court.
Assistant Superintendent of Police (ASP) Sylvester Asare told the Court that the State had filed a new charge sheet against the accused but his directives were that he should hold on to it and also the plea taking of the accused
“We, therefore, plead with the court not to take his plea as there will be further instructions l need to adhere to going forward,” he said.
The Court presided over by Ms Ellen Asamoah granted the request of the prosecution.
NAM 1 is facing 63 counts of money laundering, stealing, taking deposits without authority with other family members now at large.
His lawyers were not opposed to the new charge sheet but pleaded with the Court to expedite the process for their client. There was a heavy security presence when NAM 1 appeared in Court.
The Circuit Court on July 26, 2019, granted NAM 1 bail in the sum of GH¢ 1 billion cedis with five sureties, three to be justified. He had pleaded not guilty to all initial 13 charges levelled against him by the State.
He is also to report to the police every Wednesday at 1000 hours. He was initially charged with abetment of crime, defrauding by false pretences, carrying on a deposit-taking business without a licence, sale of minerals without a licence, unlawful deposit-taking, and money laundering.
It is alleged that the accused had taken various sums of money, totalling GH¢1.6 billion from customers.
The court adjourned the trial to Monday, July 20.