The Chief Executive Officer of Menzgold, Nana Appiah Mensah, has been arrested in Dubai.
His arrested follows a bench warrant that was issued by a Circuit Court in Accra on January 9, 2019 for his arrest for failing to pay back monies owed to investors in his gold dealership firm.
The online portal of the Daily Statesman newspaper, quoting sources from Interpol, reports that Nana Appiah, aka Nam1, was arrested following a complaint by a gold dealer who alleges that he has been duped by the Ghanaian.
According to the newspaper, the Economic and Organised Crime Office (EOCO), has confirmed that it has established contact with the detainee in Dubai.
Nam1 is said to have jumped bail conditions set by the Bureau of National Investigations (BNI) after he became a subject of investigation by EOCO.
Menzgold promised clients monthly interest of between 7% and 10% on their "gold collectibles" deposited with the company.
However, the operations of the company was deemed illegal by the Security and Exchange Commission (SEC) for falling to meet regulatory requirements.
Meanwhile, hundreds of customers have their monies locked up in the rogue company.
They have been staging demonstrations nationwide, demanding that the government steps in to compel Nam1 to pay them either their principal or dividends.