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August 21, 2019
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The whereabouts of embattled Chief Executive Officer of troubled gold collectibles company, Menzgold, is a wild toss in the air after an eventful weekend fuelled by news of his arrest in Dubai turned out to be much-a-do about a hoax.

Media reports that started trending today quote Police sources in the Persian Gulf business hub as saying that no Ghanaian with the name “Nana Appiah Mensah” has been arrested by the Police in Dubai.

As the news of his supposed arrest in had been widely reported in Ghana, with Gabby Asare Otchere Darko, a high-up in the ruling New Patriotic Party (NPP) announcing it as if the Akufo-Addo government had orchestrated the arrest from Ghana, the new reports that the Dubai authorities have not arrested him has left awkwardness in the air.

The development has also created room for speculation that NAM 1, as he is affectionately called, may have traveled to Dubai under a dubious alias which is unknown to the Dubai Police who arrested him over his entanglement in another dubious gold deal.

The details of that alleged arrest, which is a side-issue to what looks like a busted Ponzi scheme in Ghana, are that after NAM 1 had arrived in Dubai on the 4th of December last year, a precious metal dealing company, Horizon Royal Diamonds, had called the cops.

Horizon had previously encountered NAM 1 and his Menzgold in Ghana where the Dubai based company had negotiated a deal for Menzgold to supply it gold. Some associates of NAM 1 who were privy to the negotiations, had however gone behind the Menzgold boss to cut a new deal with Horizon promising it a better transaction.

The greedy Dubai based company had subsequently hauled a whopping $51million to Just Gold Company Limited, the new company which undercut NAM 1. However, after receiving the money, Just Gold and its officials disappeared without a trace.

Officials of a hoodwinked Horizon Diamonds flew down to Ghana to investigate the matter and approached the Economics and Organized Crimes Office (EOCO) where an unnamed officer directed them to Menzgold, advising them to make a fresh start. NAM 1 is said to have first asked the chaps from Horizon to sign an undertaking dissociating Menzgold from Just Gold as precondition to doing a new deal with them.

After the undertaking had been signed, Menzgold then went on to supply Horizon with $39million worth of gold, however, Horizon refused to pay for the gold. NAM1 therefore traveled in December last year to Dubai to do a follow-up but when he got to the Gulf country, the owners of Horizon caused his arrest on allegations that he was a fraudster.

What’sUp News has learnt that the news of his arrest came from NAM 1 himself who is said to have spoken to some Police personnel who had gone to his father’s house in Cape-Coast on a tip-off that his family was hiding him in the family house there.

After his dad’s denials had been dismissed by the Police, said to be numbering about 20, the old man allowed them access into his house for a search. While the Police searched he placed a call to his son who told his story from Dubai, concluding that he is working on his bail process and is likely to get bail by Wednesday.

Strangely however, Accra based Starr FM this morning reported that it had gotten through to the Dubai Police about NAM1’s supposed arrest, but, the Police have responded that no Ghanaian by name Nana Appiah Mensah has been arrested by then.

The development has muddied the scandalous waters around NAM 1 even more as customers of Menzgold, who invested millions into the gold collectible firm, continue to live on the fringe of insanity over their locked up investments.

Source: the republic responsible.com/Stan Assor

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