Some 30 aggrieved Menzgold customers have dragged the government to court for negligence in their duty of care concerning the operations of Menzgold Ghana Ltd and Brew Marketing Consult.

According to the Aggrieved Menzgold Customers, government’s inability to work together in a coherent and efficient manner to identify and shut down the Ponzi scheme, Menzgold Ghana Ltd and Brew Marketing Consult were running had led to the plaintiffs investing in the companies.

The lawsuit filed at the High Court is against the Security and Exchange Commission (SEC), the Economic and Organised Crime Office (EOCO), the Bank of Ghana (BoG) and the Attorney General’s Department.

They stated that notices by the Bank of Ghana were insufficient to prevent the plaintiffs from investing in Menzgold Ghana Ltd together with Brew Marketing Consult Limited and that this could have only been prevented if the Central Bank had done the needful by shutting down the business if they believed it to be fraudulent.

The aggrieved customers further accused the defendants of ignoring their own internal policies in relation to Ponzi schemes, illegal deposit-taking and criminal enterprises including specifically laid down policies on how to detect a Ponzi scheme, thus leading to the festering of the two fraudulent entities.

They described the defendants as “blatantly reckless in the way they failed to operationally implement their respective and joint policies”.

The Plaintiffs also maintain that the defendants having seen the repercussions of such sophisticated and fraudulent schemes, failed in their duty to halt the operations of Menzgold Ghana Limited together with Brew Marketing Consult Limited to prevent the Plaintiffs, as late investors, from investing in fraudulent financial products.

They’re therefore seeking compensation from the defendants for failing to perform their duties as expected.