Menzgold had 1.8m customers; politicians with $2m and $3m deposits included

As the Central Bank, together with allied state agencies of security and intelligence, chase sneaky Menzgold over scam banking deals involving billions, Free Press can reveal that it is not only ordinary citizens or active and retired security service personnel who were fleeced of their earnings.

Insider sources, including some staff of the shady organisation, say several politicians from the two leading political parties invested up to two and three million dollars apiece into the bogus money-making machine.

Names and faces

While some names have been dropped to the Free Press for further investigations, the paper has been restrained by lawful discretion to bide its time in order not to ran ahead of cautious state security investigations.

Names that have been dropped quietly to Free Press include Young Turks both in the New Patriotic Party and the more particularly in the National Democratic Congress.

More startling is the fact they include people who have strong academic and business background, including training in law and who, therefore, should have known better.

Failure of traditional banks

That, notwithstanding, it is clear that Menzgold’s infamous rise to prominence may be blamed on the inability of the regular banks to do lawful, ingenious business, according to one Central Bank source, who added that unless governments backed off from interfering needlessly with the monitoring and moderating responsibilities of the Central Bank, the public will be facing worse scams in the coming years, particularly, in the case where government crowded out the banks from sourcing credit from the Central Bank.

Background

The latest news on Menzgold reveals that the company closed its operations on 5th October, having issues releasing funds to pay customers.

“The gold collectibles offered for trade by patrons of our gold vault market product are subject to our quality controls and traded for profit which is shared as an extra value with the product owner or trader. Any act, order or instruction, therefore, designed or decreed to forbid Menzgold from trading makes it impossible to generate any revenue whatsoever out of which extra values are charged and paid to those entitled," a Menzgold statement read.

However, Appiah Mensah, CEO of Menzgold, has made an appeal to SEC and the BoG to be patient with Menzgold since that stern action will only “curtail the performance of the company in international markets and make it less competitive.”

“We will continue to solve the problem. We will not do what they ask us not to do. We will ensure we comply with everything they ask us to do. We keep pleading with authorities. I won’t say we are perfect, but if we have made any mistake, I believe some punitive measures will be on order. We are ready to take corrections and resolve this issue,” he told the media.