Menzgold case: NAM 1 files witness statements, set to continue testimony July 17

Not guilty NAM1 and two of his companies — Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited — have been charged with 39 counts of selling gold without a licence, operating a deposit-taking business without a licence, inducement to invest, defrauding by false pretence, fraudulent breach of trust and money laundering.

Prosecution facts According to the prosecution, between 2017 and 2018, NAM1 and Menzgold invited members of the public to purchase gold and gold collectables from Brew Marketing Consult Ghana Limited and to deposit the same with Menzgold.

The prosecution said in response to this invitation, over 16,000 members of the public deposited huge sums of money with the expectation that they were dealing with an authorised deposit-taking business, which would guarantee them the returns as advertised by the accused persons.