He was arraigned before Court today, July 12, 2019, and will reappear in the Accra Circuit Court on July 26, 2019.
The remand was granted by the court upon the request of the police in order to aid them to complete investigations.
The CEO of the troubled gold-trading firm is facing charges of defrauding by false pretence and two counts of abetment to carry out banking business without a licence contrary to Section 6 (1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).
NAM1's Brew Marketing Consult and Menzgold Ghana Limited have also been slapped with charges of defrauding by false pretence contrary to sections 20 (1) and 13 (1) of the Criminal Offences Act, 1960 (Act 29).
He touched down at the Kotoka International Airport yesterday, July 11, 2019, and is currently in the custody at the Bureau of National Investigations (BNI) for interrogation.
Thousands of Ghanaians are anguished over the possible loss of their investments, estimated at millions of Ghana cedis in Menzgold, whose gold dealership business was unregulated, and thus was directed by the Security and Exchange Commission to stop receiving new deposits.