Nana Appiah Mensah, Chief Executive Officer of defunct firm, Menzgold has been remanded into police custody after he appeared before court Friday Morning.
He is to reappear in court on July 26, 2019.
The court granted the order after the police requested for two weeks to enable them complete investigations into allegations Mensah.
Police say the court process is in pursuance of the cases that have been filed against Mensah by disgruntled Menzgold customers.
Meanwhile, a private legal practitioner and vocal Menzgold investor, Maurice Ampaw says government maintaining the option of a Lawsuit against Mensah could frustrate efforts to settle customers’ locked up investments.
“The way forward is not about prosecution;the way forward is how best we can retrieve customers locked up investment. We can take him to court to secure bail for him, but immediately after the court bail, the Police should take advantage of the Alternative Dispute Resolution(ADR) meaning out of court settlement declared by the Chief Justice and to be promoted by all the courts, so that all stakeholders can meet NAM 1 and see how best he can mobilize resources in settling his customers,” he told Kasapa 102.5 FM.
He had been in custody in Dubai since last year.
Mensah has been slapped with three charges, money laundering, illegal deposit taking and defrauding by false pretenses.
A bail request by his lawyers was turned down by the CID.