CEO of Menzgold Ghana Limited and Zylofon Media, Nana Appiah Mensah popularly known as NAM1, has been declared wanted by an Accra Circuit Court.
An arrest warrant issued by the court and sighted by MusicLiberia.com indicates that NAM1 is wanted for defrauding under false pretense.
The one time Millionaire, who is now a fugitive, left the country after his gold investment company Menzgold Ghana Limited found itself in the bad books of Bank of Ghana (BoG) and the Securities and Exchanges Commission (SEC). He left the country immediately and failed to pay thousands of investors their dividends and principal investments.
A lawyer representing the investors says over $200 million was invested with the gold dealership company.
Before declaring him wanted, Nana Appiah Mensah was the major financier of the Ghana Entertainment Industry. He signed top acts including Shatta Wale, Stonebwoy, Becca and other actors and even sponsored the Ghana Premier League with one of his ‘idle’ businesses. He lived a very luxurious lifestyle with a fleet of world’s expensive cars and a rumoured private jet.
Nana Appiah Mensah was a serial award winner grabbing all top awards including a Lifetime Achievement award in the Entertainment industry just few months investing in the sector. He met the President of Ghana, the King of the Ashanti Kingdom and other top personalities including Ministers of State and Chiefs.
Nana Appiah Mensah’s company promised investors a 10% return on their investments. The company however was able to pay investors for the past 5 years. Top celebrities including musicians, actors and politicians are reported to have invested hugely.
The company collapsed after SEC instructed it to shutdown its trading platform. It tried moving the platform online but also didn’t see the light of the day.
Nana Appiah Mensah and family left the country to seek refuge elsewhere but the Ghana Police say there are no records of them using the Kotoka International Airport.
INTERPOL has been alerted to help in his arrest.