Prophet Kumchacha (L) and Menzgold CEO (R)
Prophet Kumchacha has labelled the owner and CEO of the defunct Menzgold company, Nana Appiah Mensah (NAM 1), as a fraudster for duping Ghanaians of their hard-earned money.
In an interview with Zionfelix on February 18, 2025, Prophet Kumchacha recounted how he lost GH¢1 million to Menzgold Ghana Limited.
Recalling the bitter encounter, he lamented and cursed NAM 1, saying that he would suffer greatly before death and even after.
“He stole my GH¢1 million, and he is going to suffer so much that even if he dies, his soul would still suffer. I invested my money into the scheme,” he said.
Kumchacha also disclosed how he introduced the business to some of his friends not knowing what they were up against.
“A friend of mine told me about the investment. I also introduced it to three other people, including two military personnel,” he added.
He also stated that he invested in the Menzgold scheme not out of greed but because he genuinely believed in the business.
“The truth is, he had worked for five years. So, when we went to his office, they showed us documents noting that he was approved by the Bank of Ghana to operate. So, we all thought his business was genuine. Also, he was associating with leaders in the country,” Kumchacha added.
Menzgold was shut down by the Securities and Exchange Commission (SEC) in September 2018.
Prior to its collapse, the gold dealership firm was running an investment scheme promising monthly returns of between 7% and 10% to its customers.
According to the SEC, Menzgold was operating outside of its license.
Following the company’s collapse, NAM 1 was slapped with criminal charges.
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