The Chief Executive Officer of Menzgold, Nana Appiah Mensah, popularly known as NAM1, has been granted a GH¢ 1 billion bail by an Accra Circuit court.
He is to present five surities, three of whom must be justified.
This was after he made a second appearance before the court on Friday.
NAM1 pleaded not guilty to all charges against him in court.
NAM1’s lawyer, Kwame Akuffo while praying the court for the bail asked the court to reduce the monetary condition because all his assets have been seized by the state.
The state prosecutor did not oppose the bail application.
As part of the bail condition, NAM1 is expected to report to the police every Wednesday.
Menzgold customers besiege court
Some customers of Menzgold besieged the premises of the court earlier on Friday.
The customers were clad in red.
MenzGold customers demand suspension of NAM1’s trial
Some MenzGold customers had earlier called on the government to suspend the prosecution of the CEO of the company until he pays back the money that his company owes them.
NAM1 is on trial for two counts of abetment to defraud by false pretence and two counts of abetment to carry out banking business without licence, contrary to Section 6 (1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).
Nana Appiah Mensah arrived in Ghana on July 11, 2019 where he was picked up by security operatives at the Kotoka International Airport and sent to the Criminal Investigations Department (CID) of the Ghana Police Service for interrogation after spending several months in Dubai in another legal battle.
He was remanded at a previous hearing at the court.
NAM1 accused of bagging GHc1.68bn from customers
Nana Appiah Mensah has been accused of defrauding his customers of about GHc1.68 billion.
According to the charge sheet, the money was from 16,001 people who invested a total of GHc1,680,920,000 in the company.
The charge sheet indicated that Mr. Appiah Mensah’s two companies — Brew Marketing Consult and Menzgold Ghana Limited; represented by him, have also been charged with defrauding by false pretence, contrary to sections 20 (1) and 13 (1) of the Criminal Offences Act, 1960 (Act 29).
The two companies have also been charged with carrying out a deposit-taking business without a licence, contrary to Section 6 (1) of Act 930.
Mr. Appiah Mensah’s sister and his wife, Benedicta Appiah and Rose Tetteh, have also been charged with two counts of abetment to defraud by false pretence and two counts of abetment to carry out banking business without a licence, contrary to Section 6 (1) of Act 930.