During an appearance on an entertainment talk show on Onua TV, Prophet Kumchacha shared his opinion that NAM1, the CEO of Menzgold, should have died instead of Christian Atsu for the harm caused by Menzgold’s investment scam. Kumchacha was a victim of the Menzgold scam which resulted in his lost of ₵300,000.
He stated that he had hoped to retrieve his money when the government prosecuted NAM1, but has since lost hope.
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Kumchacha condemned NAM1’s fraudulent schemes and expressed his anger and desire for revenge. Despite his wrath, he acknowledged that such thoughts are not appropriate and prays for God to take them away.
The Menzgold scandal was caused by the company’s violations of the Securities Industry Act of 2016. This led to the Securities and Exchange Commission ordering Menzgold to cease all investment activities and advertising.
The regulator found that Menzgold’s business of purchasing gold from the public and issuing contracts with guaranteed returns was a capital market activity that required a valid license, which Menzgold did not have.
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