Officials of a third party-entity appointed by Menzgold arrested by EOCO


The Economic and Organised Crime Office (EOCO) has arrested some officials of Payboy Company Limited per a news release dated the 29th of May 2020. The said company was recently appointed by Menzgold Ghana Limited to discuss terms of the arrangement with its aggrieved customers who are demanding for their locked-up funds. Per the indications of the Economic and Organised Crime Office (EOCO), Payboy Company Limited’s object is in the promotion and marketing of Financial technologies.

The grounds of the arrest are that EOCO’s investigation reveals that Payboy Company Limited is operating without the requisite license from either Bank of Ghana (BOG) or the Securities and Exchange Commission. In the course of the saga surrounding Menzgold, the gold dealership establishment appointed Payboy Company Limited to negotiate the settlement of funds owed to its customers, with the named company representing a third-party entity to the negotiation process.

Menzgold’s trouble started when the Bank of Ghana and the Securities and Exchange Commission emphatically stated the company is unauthorised to trade in gold. Menzgold’s appointment of Payboy Company Limited was in the direction of negotiating a settlement for its aggrieved customers. The aggrieved customers had resorted to various avenues to have their locked-up funds refunded to them. Thus, Payboy Company Limited’s responsibility as a third-party entity is to intervene, discuss, and facilitate payment to customers owed by Menzgold Company Limited.

Menzgold Company Limited, a licensed gold purchasing establishment, was founded by Nana Appiah Mensah (NAM1), who also acts at the Chief Executive Officer. Even though the company was authorised by the Minerals Commission to purchase and export gold only, it went beyond its object to trade in gold. The company was able to convince a section of the Ghanaian population including renowned public figures in the country to extend vast amounts of monies in the purchase of a gold scheme that yielded a monthly interest of 10%.

The operations of the company were complemented by another establishment, Brew Marketing Consult, which was incorporated in 2016 by the CEO of Menzgold Company Limited. In October 2018, the security agency received a complaint from approximately 16,000 aggrieved customers of Menzgold, alleging that they have monies to the amount of GHS 1,680,920,000 of investment locked-up with the gold trading establishment.

The Menzgold saga aroused after the Securities and Exchange Commission stepped in to halt the operations of the company for operating without an appropriate license, which was earlier denied by the CEO, Nana Appiah Mensah (NAM1). The company objected the claims of the Securities and Exchange Commission at several press conferences, assuring its customers that it had the requisite license to operate in its gold trading activities.

In July 2019, Nana Appiah Mensah was arrested and arraigned before the Accra Circuit Court on the grounds of operating in gold trading activities without a license. Per indications of the prosecutors, Menzgold Company Limited obtained license from the Minerals Commission in August 2016 to engage in the purchase and export of gold from small-scale miners.

It was on this ground that Brew Marketing Consult was founded by the Nana Appiah Mensah, to act as a gold buying agent. The Minerals Commission confirmed that Menzgold had secured a license from their outfit to operate in the purchase and export of gold from small-scale miners. Menzgold Company Limited, however, went beyond its object by inviting the general public to deposit money for a fixed period with a monthly return of 10% interest under the fictitious reason of gold purchase.

The aggrieved customers are still hopeful for a turnaround of event to have their monies refunded to them.

Below is the news release from EOCO:



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