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NAM 1 granted GH¢500m bail with no sureties after pleading not guilty to money laundering, other charges

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The CEO of defunct Menzgold Ghana Limited, Nana Appiah Mensah, has been granted bail to the tune of GH¢500 million with four sureties, none to be justified.

He has also been directed to deposit his passport at the court registry as part of the bail conditions.

This follows his plea of not guilty to 39 counts of fraud and money laundering charges which he is standing trial for together with Menzgold Ghana Limited and Brew Marketing Consult.

His lawyer, Kwame Akuffo, prayed the court to maintain the condition of GH¢5 million with no justification which was the conditions of the bail he was given at the circuit court where the case was previously heard before a nolle prosequi was entered by the state.

The state represented by Deputy Attorney General Alfred Tuah Yeboah did not oppose the bail application but, however, asked for the accused to be made to deposit his passport.

Alfred Tuah Yeboah further urged the court to consider the sum of GH¢1.68 billion involved in the matter.

The judge after considering the application granted bail to the tune of GH¢500 million with four sureties with none to be justified. He has further been directed to report to the CID headquarters every Thursday.

NAM 1 became the focus of public attention in October 2018 for allegedly persuading over 16,000 individuals to invest a staggering GH¢1.68 billion in his gold purchase scheme, Menzgold.

Customers were promised 10% monthly interest returns, prompting many to invest.

However, investors were locked in a distressing situation. Their invested funds were inaccessible, and they could not locate Nana Appiah Mensah (NAM1) and other key executives of Menzgold.

Further revelations indicate that the Minerals Commission did not duly license Menzgold for gold trading.

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