Chief Executive Officer (CEO) of Menzgold Ghana Limited, Nana Appiah Mensah,  popular known as NAM1, has been charged with  fraud by false pretence and  engaging in banking business without licence.

Two of his companies — Brew Marketing Consult and Menzgold Ghana Limited  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 licence, contrary to Section 6 (1) of Act 930.

Also his wife, Benedicta Appiah and another lady, Rose Tetteh,  have been slapped 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 Act 930. The two women are, however, at large.

NAM1  returned to Accra on Thursday July 11, 2019 after months of detention in Dubai in the United Arab Emirates and is expected to appear before the Accra High Court today for allegedly defrauding 16,000 customers of more than GH¢1.68 billion between January 2017 and September 2018.

State prosecutors are alleging that the CEO of the controversial gold dealership firm, Menzgold defrauded about 16,000 people of the stated amount in the name of investing their monies.

The Court has further remanded NAM1 in police custody to reappear on July 26.