An Accra Circuit Court has again been compelled to adjourn the case of Menzgold Chief Executive Officer Nana Appiah Mensah.
This is because the prosecution is still awaiting the advice of the office of the Attorney General on the next line of action.
ASP Emmanuel Haligah, standing brief for the substantive prosecutor, informed the court of the latest development.
Nana Appiah Mensah, popularly known as NAM 1, was arrested for allegedly defrauding thousands of people with his investment scheme.
Almost four years after he was arrested and subsequent court appearances, the embattled CEO is yet to be charged.
The state is also yet to file processes for the trial to commence, but he was arraigned at the Accra Circuit Court on some 61 charges, including false pretences.
The accused person was present in court in his youthful exuberance.
The case has been adjourned to July 26, 2023.
Previous facts of the case
The previous facts of the case, as presented in court, were that in October 2018, the police received a complaint from about 16,000 people that Menzgold had convinced them to invest GH¢1.68 billion in a gold purchase scheme that yielded 10% monthly interest.
According to the prosecution, the complainants said their monies were locked up, and they could not find NAM1 and the other principal officers of Menzgold.
Investigations revealed that Menzgold and Brew Marketing Consult were incorporated as limited liability companies in 2013 and 2016.
He said Menzgold obtained a license from the Minerals Commission in August 2016 to purchase and export gold from small-scale miners. To successfully engage in the business, NAM 1 founded Brew Marketing Consult as a gold buying agent.
The prosecutors said Menzgold was not licensed by the Minerals Commission to trade in gold. Notwithstanding the lack of such a licence, Menzgold went public after its incorporation and invited the public to deposit money for a fixed period with interest on the pretext of gold purchasing.
The prosecutor said further investigations revealed that the three accused persons were the directors and principal officers of Menzgold and Brew Marketing Consult.