Convener for Aggrieved Menzgold customers, Frederick Forson, has noted that the GH¢5 million sum said to be given out to the Police by the Chief Executive Officer of defunct gold dealership firm - Menzgold - has been sent to the Bank of Ghana.

He said members were yet to be briefed by the police on what the money would be used for.

In an interview with Citi News, Mr Forson stated that customers will meet with the Ghana Police Service to discuss the release of GH¢5 million on Monday, October 23, 2023.

“He deposited GH¢5 million at the CID headquarters and per our checks, that money has been sent to the Bank of Ghana...We are yet to be briefed on the note accompanying the money and as of now, we don’t know what he actually wants the money to be used for,” Convener for Aggrieved Menzgold customers said.

“The case is in the High Court now and I am sure the police if any action is taken at all, has to come from the Attorney General, but until we meet with the police, I will not know what he wants the money to be used for,” he added.

But Menzgold, in a statement announcing the release of the funds to the police said the move was to facilitate the payment of clients who have been verified in the settlement process.

Your money is gone after 1 month - NAM1 to customers

On August 21, 2023, NAM1 said customers who fail to verify their documents between August 14, 2023, to September 16, 2023, will lose their investment.

He stated categorically that after the one-month grace period opened for customers to validate their processes, Menzgold customers do not have any chance to chase him for their locked-up cash.

Speaking on a Twitter Space monitored by GhanaWeb Business, Nana Appiah Mensah said, "If you don't pass DD [due diligence] nothing can be upheld or sustained."

"It is going through the verification process, just get a card, there is a user instruction behind the card. log on to https://www.payboy.com," he stated.

In 2018, Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).

According to SEC, Menzgold had been involved in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns to clients without a valid license from the Commission.

This was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act,” according to the SEC.

SA/MA

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