The Director of Economic and Organized Crime Office (EOCO) COP Maame Yaa Tiwaa Addo Danquah said, the state is finding it difficult to jail the founder of Menzgold Ghana Ltd Nana Appiah Mensah popularly known as NAM1, and this has galvanized anger after stating in the public forum that, the state can not prosecute Nana Appiah Mensah (NAM1) due to lack of evidence. 

NAM1 tools depositors money and assured them with returns that’s above market interest rate. But after deep auditing by the Securities and Exchange Commission (SEC) and the Bank of Ghana, they came and pointed out that there’s legal breaches in Menzgold's operation (Ponzi Scheme). Depositors panicked and started withdrawing their money. 

This caused crisis to Menzgold company and customers came to know that, their capital and interest had been locked up 

Ponzi Scheme; is an investment fraud that pays existing investors with funds collected from new investors. Organizers under such act often promise to invest your money and generate high returns with no risk.

An address at the public forum which organized by Asante Professional Club, COP Addo Danquah state that, the state is ready and determined to inmate the young man i.e NAM1, but the available laws are weak on the evidence against him.

Sometimes you know someone has committed a crime but lack the relevant law to support your case. An example is the Menzgold case. Which law, which Act did he break??? And it’s becoming difficult even prosecuting that case because no law will define the offense, “Ghanaweb quoted” the EOCO boss in a news story 

 What the COP Addo Danquah have drawn sharp criticism from the public and some politicians. The opposition Member of Parliament for South Dayi, Rockson Nelson Defeamekpor said COP Addo Danquah’s address to the public is unfortunate.

What this EOCO boss is saying must be taken seriously. I smell official complicity in this matter. Lack of Applicable Laws means we have no laws in Ghana under which to charge NAM1 in court. Really? So does it mean NAM1 was engaged in lawful business? The MP questioned.

Prosecution Against NAM1 (ongoing) 

50 criminal charges has been thrown on NAM1, including money laundering and defrauding by false pretenses by taking deposits without a license. 
State prosecutors have not been able to prove fraud case against NAM1whose company (Menzgold) were allegedly hit by running a Ponzi Scheme.