Soldiers drag Menzgold Ghana Ltd. to High Court over GH¢2.5 million

Ghanaian gold dealership and investment firm, Menzgold Ghana Limited has been dragged to the High Court by 53 soldiers for failing to pay back their total investment amount of GH¢2.5 million. Founded by Nana Appiah Mensah, the company vowed its customers a 10 percent monthly returns on investment.

Later, its Ghana Securities and Exchange Commission veiled its operation in September 2018 and Bank of Ghana stated its operation illegal. The access to the customers to Menzgold Ghana Limited monies have been locked. Recently, the 53 plaintiffs from Ghana Army, Ghana Air Force and Ghana Navy have requested the High Court to order the investment firm to refund their money ranging between GH¢18,000 and GH¢244,000. All their efforts to retrieve the money had been unsuccessful.

The amounts quoted on the filed court documents represent the plaintiffs' principal. Plaintiffs are arguing that even if the defendant claims that it cannot pay their interest, they are entitled to their principals. It said the plaintiffs took advantage of the advertisements and subscribed to the defendant's services by investing various sums of money in 2018, as reported by Graphic Online.

The source also reported that a special delegation of security operatives left the capital city Accra on January 14 for Dubai in connection with the arrest of Nana Appiah Mensah, who is popularly called NAM1 in UAE. The statement also stated that NAM1 was arrested in Dubai to facilitate investigations into suspicions that he had been involved in a gold trading deal gone bad within the Emirati jurisdiction.