Chief Executive Officer of defunct Menzgold Ghana Limited, Nana Appiah Mensah, popularly known as NAM1 has 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, 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.
Meanwhile, a Menzgold customer named David who tried the process received a message from Payboy stating that he would receive his locked-up cash in March 2025.
“Dear cherished client, congratulations on your successful indebted gold trade transaction validation. Kindly take note that, you are scheduled for payment of your gold quantity value on or before 2025-03-20,” the message read.
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.
Source: GhanaWeb
