A throng of customers of Menzgold, the Ponzi scheme which collapsed after the government went after it, reportedly stormed the office of Menzgold’s CEO, Nana Appiah Mensah, yesterday to demand their monies.
According to reports, the aggrieved customers besieged the company’s Abease Junction head office at Dzorwulu demanding that Mr. Appiah Mensah, popularly known as NAM 1, pay them their locked up cash.
The customers are said to have included persons with as much Ghc200,000 still locked with the supposed gold brokerage company
“We don’t know where to go. Our leaders have written lots of letters to the President but we don’t have an answer to it,” a customer reportedly told journalists, adding, “We decided this morning to come and hear from Nana Appiah Mensah because he took our money. We want to pass this message to the President that without our money, no vote,” he added.
Another customer is quoted as saying, “I work in the mining sector. Right now, I have a spine injury, I have an MRI scan. I can’t even afford the drugs. My money, GHS200,000 is locked up with this guy [NAM1]. I did the investment for three months before the government collapsed it.”
NAM 1 breezed into town as a money man in 2014, establishing enterprises in music management, media and most notably, gold brokerage.
He reportedly showered money on the ruling New Patriotic Party (NPP), and at a point contested for the party’s Parliamentary ticket for a constituency in Kasoa. It soon emerged that he was a fraudster.
His gold dealership, which had metamorphosed from a bank, Menzbanc, later turned out to be Ponzi scheme with which he took huge sums of money from the unsuspecting public with the promise of supernormal returns. The government asked Menzgold to stop taking deposits and produce evidence of a permit authorising it to operate and this was the beginning of trouble for the company.
Since 2018 when the company was stopped from taking deposits. It has not been able to pay back many of its customers with many suspecting that he is being shielded by the Akufo-Addo government.