Celebrated Ghanaian actor Prince David Osei has disclosed that he suspected from the beginning that Menzgold Ghana Limited was not a sustainable investment firm.

Speaking on Asempah FM’s Zoblazo entertainment show, the actor said he realised the profit customers were receiving was unreal.

According to him, he cautioned some of his friends about investing in Menzgold but they did not heed his advice.

He said some even thought he was jealous of them when he tried to stop them from investing in the now embattled gold dealership firm.

Prince David Osei Prince David Osei

“Yes I tried stopping them but most of them thought I was jealous. I know some friends in London, some had like ₵200,000 in there. Some had more. It’s only a miracle that will make them get the money back,” Prince David Osei said.

He added: “There is no investment that would give you that profit. There is no business that runs like that. Bonds even take time to mature. From the word go it was wrong. There was so much display about riches.”

On the subject of celebrity endorsements, the award-winning actor said he sees it as “purely business” except that “people who have morals” might have refused.

Menzgold has been in the news in recent times following the company’s troubles with state regulatory bodies over its operations.

The Central Bank and Minerals Commission maintain that the company has been taking deposits and locally selling gold despite not having the requisite license to do.

However, the seriousness of the issue was confirmed last September when the Securities and Exchange Commission (SEC) directed the gold dealership firm to shut down its gold trading activities.

Currently, the operations of the company remain closed to the public, with several customers agitating for a refund of their investments.

Last Tuesday, there were fresh protests as aggrieved customers hit the streets once again in Kumasi in the Ashanti region.

Meanwhile, the CEO of Menzgold, Nana Appiah Mensah has been declared a wanted man both on and off the shores of Ghana after a warrant was issued for his arrest.