The Securities and Exchange Commission says it has launched an investigation into the latest activities of defunct gold dealership company, Menzgold and its Chief Executive Officer, Nana Appiah Mensah better known as NAM 1.
This comes after the CEO of the defunct company announced that he is conducting fresh validation of transaction claims and entreated customers to partake in the process in order to have their locked-up funds paid.
In a press statement dated August 18, 2023, NAM 1 indicated that customers were required to purchase a Menzgold Digital Verification Access Card at a cost of GH¢650 each to enable them check their validation status and to upload supporting documents of their transactions.
The decision to charge the customers for the process was, however, met with public backlash, compelling the company and its CEO decision to reverse it.
But addressing the issues surrounding Menzgold and Mr. Appiah Mensah in a video, Head of Communications and External Affairs at SEC, Dr. Godwin Ansah said the regulatory agency has taken notice of the announcement by the firm and has launched a probe into it.
“The attention of the Securities and Exchange commission (SEC) has been drawn to a letter currently circulating allegedly from Menzgold Ghana which purports to entreat clients to pay a specified sum of money and have their claims subsequently paid.
The SEC is urgently investigating the issue and will provide the needed updates as and when they become due,” Dr. Ansah said.
On the trial of the CEO and 3 others over allegations of fraud and money laundering, Dr. Ansah disclosed that SEC submitted the case docket to the Office of the Attorney-General and the Economic and Organised Crimes Office (EOCO) who, he said, are handling the matter.
“The SEC forwarded the original case file of Menzgold to the Attorney General and the Economic and Organized Crimes Office (EOCO) who are currently handling the issue to the best of our knowledge”.
SEC also warned the public against what it said is the emergence of fraudulent investment schemes.
It explained that the said schemes operate without requisite licenses and promise juicy and complex offers.
The agency is, therefore, asking the general populace to refrain from investing with any scheme making such juicy offers as they are most likely to be fraudulent.
