A Court in Accra on Friday granted a GhC1 billion ($185m) bail to the CEO of Menzgold Ghana Limited, Nana Appiah Mensah.
He is to reappear in court on August 12.
Scores of disgruntled Menzgold customers who have their cash locked up stormed the court to demand for the release of the CEO.
Wife faces charge
State prosecutors are also aiming to put his wife and his sister behind bars for allegedly defrauding 16,000 people of about GH¢1.68 billion.
The wife and the sister are facing four counts, including defrauding by false pretence alongside NAM1.
The Chief Executive Officer (CEO) of Menzgold Ghana Limited, Nana Appiah Mensah, aka NAM1, has been accused of allegedly defrauding 16,000 customers of more than GH¢1.68 billion between January 2017 and September 2018.
He has been charged with two counts of abetment to defraud by false pretence and two counts of abetment to carry out banking business without a licence, contrary to Section 6 (1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930)
Two of his companies — Brew Marketing Consult and Menzgold Ghana Limited — represented by him, have each been charged with defrauding by false pretence, contrary to sections 20 (1) and 13 (1) of the Criminal Offences Act, 1960 (Act 29).
The two companies have also been charged with carrying out a deposit-taking business without a licence, contrary to Section 6 (1) of Act 930.
Also facing the law are his sister and his wife, Benedicta Appiah and Rose Tetteh, respectively, who have been slapped with two counts of abetment to defraud by false pretence and two counts of abetment to carry out banking business without a licence, contrary to Section 6 (1) of Act 930. The two women are, however, at large.
Particulars of the offences
A charge sheet sighted by Graphic Online’s Mary Mensah on the crime beat stated that between January 2017 and September 2018, Brew Marketing Consult and Menzgold defrauded one Francis Agodzie and 16,000 others of more than GH¢1.68 billon.
It further accused the two entities of carrying out an illegal deposit-taking business during the same period.
The charge sheet explained that Mensah, Appiah and Tetteh aided Brew Marketing Consult and Menzgold to defraud the customers of the GH¢1.68 billon.
With regard to the charge of abetment to carrying out deposit-taking business without a licence, the three suspects are accused of aiding the two companies to illegally carry out a deposit-taking business.