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News reaching us as sighted on the new stateman newspaper’s website indicate CEO of the troubled gold-trading firm Menzgold, Nana Appiah Mensah has been arrested in Dubai.

A circuit Court in Ghana issued a warrant for his arrest on 9th January after he failed to pay back monies owed to investors in his failed company.

The government of Ghana had exerted huge pressure on the law-enforcement agencies and financial regulators to bring the failed company boss to book.

Nana Appiah Mensah
Nana Appiah Mensah

The Daily Statesman has confirmed that the fugitive boss, popularly known as NAM1, was arrested following a complaint by a gold dealer in the Arab nation who alleges that he has been duped by the Ghanaian.

The Economic and Organised Crimes Organisation (EOCO) had been investigating Appiah Mensah before he jumped bail conditions set by the Bureau of National Investigations. EOCO has confirmed that it has established contact with the detainee in Dubai.

Illegal business

Menzgold promised clients monthly interest of between 7 and 10% interest on “gold collectibles” deposited with the company.

The unlicensed dealership was said to have attracted up to 60,000 depositors despite repeated warnings by the Bank of Ghana and the Securities and Exchange Commission not to do business with the company.

#In the past week, apologists for Menzgold from senior spokesmen fror the opposition NDC to NAM1’s self-appointed chief defender Bulldog, head of A&R at Appiah Mensah’s Zylofon Artists.

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