The failure to charge NAM1 was due to “insufficient evidence.”
NAM1 is currently out on bail after being arrested on July 11, 2019, upon his return to the country from Dubai, where he was detained on suspicion of defrauding a business partner.
After months of legal wrangling in Dubai, NAM1 was released after prosecutors failed to prove their case of fraud against him, paving the way for him to return to Ghana for trial.
He was initially charged with money laundering and defrauding by false pretenses by taking deposits without a license, and he has since been in and out of court, facing more than 50 charges.
COP Tiwaa Addo-Danquah stated that the state considered prosecuting NAM1, but there is insufficient evidence to convict him of any criminal offence arising from the circumstances of his Ponzi scheme activities.
The EOCO boss stated at a forum that they were having difficulty obtaining evidence to prosecute NAM1 due to a lack of relevant laws to support the case.
According to her, it is common for public institutions like hers to notice the commission of a crime by some individuals but are unable to prosecute them due to a lack of relevant laws that define the action as a crime.
She stated: “The Menzgold case is an example. Which law or Act did he violate? Even prosecuting that case is becoming difficult because no law defines the offense.”
Customers who are dissatisfied with Menzgold have called the comments attributed to EOCO boss Maame Tiwa Addo-Danquah a national disaster.
“What was the government’s motivation in arraigning Menzgold’s CEO when they knew he couldn’t be prosecuted?” enraged customers wondered.
In an interview on Accra FM on Monday, August 22, 2022, Frederick Forson, the spokesperson for the aggrieved customers, stated, “It has always been our belief that the government was not committed to having Nana Appiah Mensah popularly known as NAM1 prosecuted to serve as a deterrent to others.”
He stated that Maame Yaa Tiwa Addo-mindset Danquah’s had always been the government’s mindset regarding the prosecution of NAM1.
“This is why we previously threatened to withdraw our support for the prosecution.”
“As customers, we are vindicated that the government was not committed to prosecuting Menzgold’s CEO,” he emphasized.