There are conflicting reports about the whereabouts of the wanted Chief Executive of the troubled gold dealership, Menzgold, setting the stage for speculation.
While some reports indicate that NAM 1, as he is popularly known, has been arrested in Dubai over an unsuccessful gold deal, others report that he is calling the shots and diffusing tensions in Ghana from his hideout.
Ghana declared NAM 1 wanted on January 9, 2019, for defrauding by false pretence and laundering. Menzgold has not been able to pay dividends to investors who put money in his controversial Gold Vault Market services.
The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) have said his investment scheme flouted his operation licence.
Meanwhile, in all of these false reports, however, authorities have remained tight-lipped, leaving the public to speculate about the whereabouts of NAM 1.
Some have even said the claim that Nana Appiah Mensah has been arrested in Dubai is a hoax.
Some media reports claim Dubai police have denied knowledge of the alleged arrest of the CEO of the embattled gold firm.
Starr FM has reported for instance that its contacts with the Police in Dubai revealed that they have not arrested any Ghanaian national in the last few weeks in relation to a gold scam as has been reported in Ghana by several media outlets.
“We have not arrested any Ghanaian national with that name [Nana Appiah Mensah] in our system,” the Accra-based radio station reported, Monday.
Listen to the GIMPA lecturer’s analysis of the matter following unconfirmed reports that NAM 1 has been arrested in Dubai.