CEO of Menzgold, NAM1 arrested in Dubai

Nana Appiah Mensah, the Chief Executive Officer of gold dealership company, Menzgold, has been arrested.

He was picked up in Dubai on Saturday by Interpol.

His arrest, according to sources, is not in relation to the scandal in Ghana, in which his company, believed to be a ponzi scheme, is unable to pay back thousands of customers their investments.

The arrest, which was first reported by the Statesman Newspaper’s online portal, is believed to have occurred after a complaint filed by an individual in that country, who claims to have been duped in a gold deal by Mr. Appiah Mensah.

A very close source to NAM1 has confirmed the arrest, but did not give further details.

According to the report, “the Dubai dealer, a national of the United Arab Emirates reported that his company, Horizon Royal Diamonds DMCC, had attempted to close a deal with Appiah Mensah involving 750 kilos of gold with the value of about US$51 million.

But NAM1 is said to be issuing a countersuit alleging that Horizon Royal Diamonds DMCC rather owes Menzgold $28 million.

Back in Ghana, Nana Appiah Mensah has been declared wanted over his company’s inability to pay investors their monies, together with two other directors of the company. An arrest warrant has been secured to have them brought before the law to answer a charge of defrauding by false pretense.

The Criminal Investigations Department of the Ghana Police Service had also indicated that it has sent notices to all 194-member states of INTERPOL to get him arrested wherever he would be found.

He was recently reported to be in South Africa and Nigeria.

According to the Statesman Newspaper, officials of Ghana’s embassy in the UAE have also been able to visit Appiah Mensah in detention. The contact became possible once Interpol issued an alert.

Officials of EOCO in Ghana are also said to have made contact with NAM1 who is currently being held in police custody.

Credit: Citi News

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Henry Cobblah

Henry Cobblah is a Tech Developer, Entrepreneur, and a Journalist. With over 15 Years of experience in the digital media industry, he writes for over 7 media agencies and shows up for TV and Radio discussions on Technology, Sports and Startup Discussions.

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