In Ghana, a high-profile fraud trial against Nana Appiah Mensah, also known as NAM1, the CEO of defunct gold dealership Menzgold Ghana Limited, has shed light on alleged attempts to circumvent banking regulations. NAM1 is accused of defrauding customers of millions of dollars.
Central Bank Warning Ignored, Investigator Claims
A lead investigator in the case, Detective Chief Inspector Charles Nyarko, testified in court that NAM1 and his companies disregarded warnings from the Bank of Ghana (BoG) regarding unauthorized deposit-taking activities. The BoG reportedly cautioned NAM1 and Menzgold Ghana Limited (MGL) to cease taking deposits without a license.
He said after the notice, NAM1, together with MCL, set up BMCGL, adding “Our investigation revealed that the setting up of Brew Marketing Consult Ghana Limited was meant to circumvent the authority of the BoG”. He added that investigations further established that NAM1, together with MCL, disguised the deposit-taking.
In a further explanation, the witness said the accused persons opened a bank account in the name of BMCGL. He added that filling out the bank form, BMCGL indicated that MCL was its main customer, adding that on the banking form and under source of funds, BMCGL indicated that funds would be from Menzgold.
“We further realized during the investigation that monies were transferred from BMCGL’s account to Afabu Jewelleries.
“Again my Lord, the investigation established that Menzgold ordered supplies of gold products from Afabu jewelry, investigation also revealed that monies were transferred from BMCGL’s account to MCL’s account.
“In all this, investigations established that BMCGL was set up to sidestep the directives of the BoG to NAM 1 not to take deposit without authority,” he said.
NAM1 Maintains Innocence
NAM1, who is on bail, has pleaded not guilty to all 39 charges against him, including selling gold without a license, operating an unlicensed deposit-taking business, defrauding by pretense, and money laundering. The trial is ongoing, with further witness testimonies expected.
Source: Graphic Online
