Two businessmen are in police custody after being denied bail by the Accra Circuit Court Nine. Kenneth Torbizo, 49, and Ernest Kofi Nyatorgbe, 37, face charges of GHS 49,595,816.00 gold fraud.
The accused allegedly defrauded Kofi Asaah Attakurah. Mr. Attakurah is the Chief Financial Officer of Max Palasco Company. This company is registered to purchase gold in Ghana. Torbizo and Nyatorgbe operated an enterprise called Torbiken Enterprise. They were involved in buying and selling gold. In January 2026, they approached Mr. Attakurah. They wanted to sell him gold through Max Palasco's CEO. Mr. Attakurah’s company showed interest. Torbizo and Nyatorgbe therefore received GHS 49,595,816.00. They promised to supply 32 kilograms of gold. This amount was equivalent to the money received by Torbizo and Nyatorgbe.
The complainant tried many times to get the gold. He also tried to get his money back. These attempts were unsuccessful. Mr. Attakurah then reported the matter to the police. This led to the arrest of Torbizo and Nyatorgbe. They were charged with the alleged offences. They have pleaded not guilty to the charges. The prosecution stated that the case would be sent to the Attorney General. This is for advice due to the large sum involved. Gold is a significant commodity for Ghana's economy. Over GHS 49 million in a failed gold transaction highlights risks in commodity trading. The country relies on gold exports for foreign exchange earnings. Such alleged fraud can damage investor confidence.
The court’s decision to deny bail is based on the seriousness of the alleged crime and the significant financial loss. The prosecution needs to conduct further investigations. The amount involved suggests a complex financial arrangement. The court seeks to ensure the accused assist fully with these investigations. Remanding them prevents potential interference with the ongoing inquiry.
This case underscores the importance of due diligence in high-value transactions, especially in commodity markets. Investors and businesses in Ghana will watch the progress of this trial. It also highlights the role of the judiciary in resolving financial disputes. The Attorney General's review will be critical for the next steps. The outcome could influence how similar transactions are regulated in the future.