A report by CitiNewsroom.com indicates Nana Appiah Mensah, the Chief Executive Officer of gold dealership company, Menzgold, has been arrested.
NAM1, as popularly known, was arrested in Dubai on Saturday.
His arrest, according to sources, does not have anything to do with the scandal in Ghana, in which his company, believed to be a ponzi scheme, is unable to pay back thousands of customers their investments.
The arrest, which was first reported by the statesman newspaper’s online portal, is believed to be the result of a complaint filed by an individual in that country, who claims to have been duped by Mr Appiah Mensah.
Menzgold promised clients monthly interest of between 7 and 10% interest on “gold collectibles” deposited with the company.
The unlicensed dealership was said to have attracted up to 60,000 depositors despite repeated warnings by the Bank of Ghana and the Securities and Exchange Commission not to do business with the company.