Court Denies Bail in GHS 49 Million Gold Fraud Case
Two businessmen accused in a GHS 49,595,816.00 gold fraud case have been denied bail by the Accra Circuit Court Nine. Kenneth Torbizo, aged 49, and Ernest Kofi Nyatorgbe, aged 37, pleaded not guilty to the charges. They are accused of conspiring to defraud Mr Kofi Asaah Attakurah. The alleged scam involved the promise of supplying 32 kilogrammes of gold.
Chief Inspector Jonas Lawer, representing the police, informed the court that the complainant is the Chief Financial Officer of Max Palasco Company. This company is a registered gold purchasing firm operating in Ghana. The accused, acting under their business name Torbiken Enterprise, approached the company's Chief Executive Officer in January 2026. They presented an offer to sell a significant quantity of gold. Following this negotiation, the accused allegedly collected GHS 49,595,816.00. They committed to delivering 32 kilogrammes of gold in exchange.
The failure to deliver the gold or refund the substantial sum has brought the matter to court. Court documents reveal that despite repeated assurances from Torbizo and Nyatorgbe, the promised gold was never supplied. The funds collected were also not returned. The complainant eventually lodged a formal complaint with the police. This complaint led directly to the arrest and subsequent arraignment of the two businessmen. The court's decision to deny bail means they will remain in police custody. They will assist investigators as the case progresses.
The prosecution confirmed that the case file will be sent to the Attorney-General for expert advice. This step is considered standard procedure given the enormous financial value of the alleged fraud. The incident occurs against a backdrop of ongoing efforts to regulate Ghana's vital gold mining and trading sector. Such high-value fraud cases can impact investor confidence. They also raise questions about due diligence in commercial transactions within the industry. The GHS 49 million figure represents a significant sum, highlighting the economic stakes involved.
The court's decision to keep the accused in police custody allows for further investigations. These investigations will likely focus on tracing the funds and uncovering the full extent of any alleged conspiracy. The referral to the Attorney-General signifies the seriousness with which the authorities are treating this case. Investors and businesses involved in commodity trading in Ghana will be watching closely. The outcome could influence business practices and regulatory scrutiny within the gold sector.