Two Businessmen Refused Bail Over GH¢49,595,816.00 Gold Fraud

• Two businessmen, Kenneth Torbizo and Ernest Kofi Nyatorgbe, have been accused of involvement in a GH¢49,595,816.00 gold fraud.
• They pleaded not guilty to conspiracy to defraud Mr Kofi Asaah Attakurah under the pretext of supplying 32 kilogrammes of gold.
• The accused have been remanded into Police custody to assist investigations.

The Accra Circuit Court Nine has refused bail to two businessmen accused of involvement in a GH¢49,595,816.00 gold fraud. Kenneth Torbizo, 49, and Ernest Kofi Nyatorgbe, 37, pleaded not guilty to conspiring to defraud Mr Kofi Asaah Attakurah under the pretext of supplying 32 kilogrammes of gold.

According to Police Chief Inspector Jonas Lawer, Mr Attakurah is the Chief Financial Officer of Max Palasco Company, a registered gold purchasing firm in Ghana. The accused persons, operating under Torbiken Enterprise, approached the complainant's Chief Executive Officer in January 2026 with an offer to sell gold.

Background of Gold Fraud in Ghana

Gold fraud has been a major concern in Ghana's gold industry, with several cases of scamming and defrauding miners and traders reported over the years. The country's gold industry has been plagued by issues of corruption, poor regulations, and lack of transparency, making it an attractive target for scammers.

The Ghanaian government has implemented several measures to curb gold fraud, including the establishment of the Precious Minerals Marketing Company (PMMC) to regulate the gold purchasing process. However, despite these efforts, gold fraud remains a significant problem in the country.

Details of the Case

Chief Inspector Lawer told the Court that Torbizo and Nyatorgbe collected GH¢49,595,816.00 from the Attakurah, promising to supply 32 kilogrammes of gold, but failed to deliver or refund the money. Despite the accused's assurances that the funds were available and would be transferred, they refused or neglected to do so.

A complaint was lodged with the Police, leading to their arrest and subsequent arraignment. The prosecution informed the Court that the case would be referred to the Attorney-General for advice, given the amount involved.

Impact and Reactions

The case has sent shockwaves through the gold industry in Ghana, with many stakeholders expressing concern about the lack of regulation and oversight. The Ghanaian government has been criticized for its failure to address the issue of gold fraud, and many are calling for stricter regulations and penalties for those found guilty.

The case also highlights the need for increased vigilance and caution among gold miners and traders, who are often vulnerable to scams and fraud. It is essential that they take necessary precautions to protect themselves and their businesses from such scams.

Looking Ahead

The case is expected to proceed to trial, with the Attorney-General's office reviewing the evidence and advising on the next course of action. The outcome of the case will be closely watched by the gold industry and the public, as it will set a precedent for future cases of gold fraud in Ghana.

In the meantime, the Ghanaian government is expected to review its regulations and policies to prevent such cases of gold fraud in the future. It is essential that the government takes a proactive approach to addressing this issue and ensuring that the gold industry is regulated and transparent.