The Ghana Police Service (GPS) has confirmed the arrest of Nana Appiah Mensah (NAM1), the Chief Executive Officer of Menzgold, a Ghanaian gold dealership compnay by the Police in Dubai, the United Arab Emirates.
His arrest in Dubai is to facilitate investigations into suspicion that he had been involved in bad gold deals in the Emirati jurisdiction, a statement signed by the Director of Public Affairs of the GPS, ACP David Eklu has confirmed in Accra on Monday evening.
The Police statement said some Ghanaian officials have already visited NAM1 in Dubai Police custody, and are making possible arrangements to extradite the man to his country, where he was declared wanted by a court in Accra.
It said the Inspector General of Ghana, David Asante-Apeatu, obtained a court warrant upon the instructions of President Akufo-Addo to arrest NAM1, his wife and another director of his company for allegedly defrauding people through the operation of a Ponzi scheme.
The woes of NAM1 began last year when the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) cautioned the public against his scheme, which gave depositors 10 percent profit on their investments monthly.