CEO of embattled gold dealership firm Menzgold Nana Appiah Mensah popularly known as NAM1 has been granted a bail of ¢1bn.
NAM1 was at the Accra Circuit Court today where he is standing trial for allegedly defrauding 16,000 people of more than GH¢1.6 billion.
He is to present 5 surities, three of whom must be justified.
Kwame Akuffo who is NAM1's lawyer asked the court to reduce the monetary condition that accompanied the bail since his client's assets have been seized by the state.
But the state prosecutor did not oppose the bail application. As part of the bail condition, NAM1 is expected to report to the police every Wednesday.
Hearing continues on August 12, 2019.
NAM1 is standing trial for allegedly defrauding 16,000 people of GH¢1.68billion in the name of investing their monies.
It is the case of the state that the embattled CEO, who returned to Accra on Thursday July 11, 2019 after months of detention in Dubai in the United Arab Emirates, contravened sections of the Banks and Specialised Deposits Taking Act, 930 and the Criminal Offences Act while operating Menzgold and its sister company, Brew Marketing.
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 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.