The Chief Executive Officer (CEO) of defunct Menzgold Ghana Limited, Nana Appiah Mensah, accused of defrauding some Ghanaians of GH¢1.6 billion, pleaded not guilty, when he appeared before the Accra High Court on Tuesday.
The CEO, also known as NAM 1, pleaded not guilty to 39 counts brought against him, and was granted GH¢500 million bail with four sureties none to be justified.
The charges are 22 counts of defrauding by false pretenses, seven counts each for money laundering and fraudulent breach of trust, carrying on deposit-taking without the requisite licence unlawful deposit-taking and money.
The other counts are one count each for inducement to invest,
operating a deposit-taking institute without a licence and selling gold without a licence.
This is a reduction of the initial 61 charges brought against Nana Mensah.
He allegedly through Menzgold Ghana Limited and Brew Marketing Company induced Menzgold customers to invest a total amount of GH¢1.68 billion.
Nana Mensah is accused of transferring the money into personal accounts of NAM 1, Zylophone Media and Abigail Mensah.
He allegedly used Zylophone Media to launder monies he knew were proceeds of crime.
The Attorney General commenced investigations into activities of NAM 1 in 2019, when he was accused of defrauding thousands of customers through his gold dealership firm over millions of Ghana cedis.
The case has witnessed a number of adjournments until fresh charges were preferred against Mr Mensah on August 30, 2023.
Mr Mensah had announced plans to unfreeze locked up funds of Menzgold customers after payment of GH¢650 for verification.
Subsequently, he reversed the decision to require former clients to purchase a verification access card in order to verify transactions and validate claims following backlash from customers and the public.
The counsel for Mr Mensah, Kwame Akuffo, prayed the court to maintain the condition of GH¢5 million bail with no justification granted by 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 asked for the accused to be made to deposit his passport at the Registry of the High Court.
The court also ordered Mr Mensah to report to the CID headquarters every Thursday.