During the criminal trial of Nana Appiah Mensah, also known as NAM1, a fifth prosecution witness testified that the accused assaulted and threatened her with a firearm when she attempted to retrieve her GH¢760,000 investment.
Priscilla Adu-Boateng, a single mother of four, recounted a January 2020 incident where she and other disgruntled Menzgold clients visited the accused’s residence at Trassaco to demand their funds.
She detailed the devastating personal impact of the financial loss, explaining that she is now forced to sell her home to fund her children’s education following the collapse of the investment firm and her own business.
The prosecution’s case outlines a massive operation that allegedly defrauded over 16,000 individuals of approximately GH¢340.8 million between 2016 and 2018. According to the Director of Public Prosecutions, investors were lured by advertisements and high-interest promises of 7% to 10% monthly returns on gold deposits.
Investigators claim these funds were not used for gold trading but were instead diverted to NAM1’s personal accounts and his affiliate company, Zylofon Media. The court heard that the firm continued to solicit deposits even after receiving multiple warnings and a final suspension order from the Securities and Exchange Commission (SEC).
NAM1, alongside his companies Menzgold Ghana and Brew Marketing Consult, faces 39 counts including money laundering, defrauding by false pretense, and operating a deposit-taking business without a license.
While the witness’s testimony highlighted the human cost of the scheme, defense counsel Kwame B. Akufo chose not to cross-examine her. The accused maintains his innocence on all charges and remains on a GH¢500 million bail as the High Court continues to examine how the funds were managed prior to the company’s license revocation.