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Conflicting reports have rocked trending news that Nana Appiah Mensah (NAM1), Chief Executive of embattled Menzgold Ghana was arrested in Dubai over the weekend as Accra-based Starr FM said its inquiry with Dubai Intelligence turned out the arrest was a hoax.
“We have not arrested any Ghanaian national with that name [Nana Appiah Mensah] in our system,” Starr FM quotes its contact in the Dubai Intelligence circle.
Security expert, David Agbe thinks the news that has baited several major news outlets in Ghana was an attempt at a clever cover-up. The confusion over NAM1’s arrest has fuelled speculations he is being aided to escape through either an unknown alias or immunity from his alleged diplomatic passport.
The news was broken by Gabby Asare Otchere-Darko, the powerful nephew of President Akufo-Addo on Sunday, through his Newspaper – The New Statesman and his twitter account, amidst speculations that Gabby has a stake in the defunct Menzgold.
Mr. Otchere-Darko has since denied any connection to Menzgold, writing on his Twitter: “I have no shares in Menzgold or any company linked to NAM1. I have never been a client of Menzgold and would certainly not have put a pesewa in any such scheme. Not my style. In fact, I‘ve never even met the man, Nana Appiah Mensah, or had a sniff of any cash linked to him. Zero!”
NAM 1 had arrived in Dubai on the 4th of December last year for a business transaction, before a precious metal dealing company, Horizon Royal Diamonds, called the cops on him.
According to reports, Horizon had previously encountered NAM 1 and his Menzgold in Ghana where the Dubai based company had negotiated a deal for Menzgold to supply it gold. Some associates of NAM 1 who were privy to the negotiations, had however gone behind the Menzgold boss to cut a new deal with Horizon promising it a better transaction.
The Dubai based company had subsequently hauled a whopping $51million to Just Gold Company Limited – the new company which undercut NAM1. However, after receiving the money, Just Gold and its officials disappeared without a trace.
Officials of a hoodwinked Horizon Royal Diamonds flew down to Ghana to investigate the matter and approached the Economics and Organized Crimes Office (EOCO) where an unnamed officer directed them to Menzgold, advising them to make a fresh start. NAM 1 is said to have first asked the representatives from Horizon to sign an undertaking dissociating Menzgold from Just Gold as a precondition to doing a new deal with them.
After the undertaking had been signed, Menzgold then went on to supply Horizon with $39million worth of gold, however, Horizon refused to pay for the gold. NAM1, therefore, traveled in December last year to Dubai to do a follow-up but when he got to the Gulf country, the owners of Horizon allegedly caused his arrest on allegations that he was a fraudster.
Details of that controversial arrest is a side-issue to the alleged Ponzi that NAM1 masterminded, as customers of Menzgold, who invested millions into the gold collectibles firm, continue to live on the fringe of insanity over their locked up investments.
NAM1’s whereabouts is currently a mystery. The government of Ghana has issued an arrest warrant for him for reportedly defrauding over 1.8 million Ghanaians. The International Police intelligence network (Interpol) is reportedly also on his trail.