The Chief Executive Officer of Menzgold, Nana Appiah Mensah, alias NAM1, is still in police custody for failing to meet his bail conditions.
The Accra Circuit Court last Friday granted him bail in the sum of GH¢1 billion, with five sureties.
Per the bail conditions as ordered by the court, three of the sureties must be justified, while NAM 1 must also report himself to the Ghana Police Service every Wednesday.
However, seven days after his bail was granted, NAM1 is still in police custody because he has not been able to meet the conditions of his bail.
Confirming this in a radio interview with Accra-based Citi FM, a management member of the embattled gold firm said they will apply for a review of the bail conditions.
NAM1, together with his wife, Rose Tetteh, and his sister, Benedicta Mensah, have been accused of defrauding 16,000 people of GH¢1.68billion in the name of investing their monies.
The three accused, Menzgold and its sister company, Brew Marketing Consult Limited (both represented by NAM 1), have been slapped with 13 counts.
The counts are defrauding by false pretences, abetment to defraud by false pretences, carrying deposit business without licence, abetment of sale of minerals without licence, sale of minerals without licence, abetment to the unlawful deposit-taking, unlawful deposit-taking and money laundering.
NAM1 has however pleaded not guilty to all the charges. His wife and his sister are, however, at large.