Court Denies Two Businessmen bail Over Ghc50million Gold Scandal
- Two businessmen, Kenneth Torbizo (49) and Ernest Kofi Nyatorgbe (37), have been refused bail by Accra Circuit Court Nine in an alleged GH¢49,595,816.00 gold fraud case
- Prosecutors say the two allegedly collected nearly GH¢50 million under the promise of supplying 32 kilogrammes of gold
- The matter remains under investigation as authorities continue efforts to establish full details of the alleged transaction
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The Accra Circuit Court Nine has refused bail for two businessmen accused of their alleged involvement in a GH¢49,595,816.00 gold fraud case.
The accused persons, Kenneth Torbizo, aged 49, and Ernest Kofi Nyatorgbe, aged 37, are said to have pleaded not guilty to charges of conspiracy to defraud by false pretences.
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They are alleged to have taken large sums of money under the promise of supplying 32 kilogrammes of gold, an arrangement that prosecutors say never materialised.
Presiding over the case, Accra Circuit Court Nine heard that the complainant, Mr Kofi Asaah Attakurah, is the Chief Financial Officer of Max Palasco Company, a licensed gold purchasing firm in Ghana.
According to Chief Inspector Jonas Lawer, who presented the facts in court, the accused persons operated under a business entity known as Torbiken Enterprise.
He told the court that in January 2026, the accused approached the Chief Executive Officer of the complainant’s company with an offer to supply gold.
The offer, which appeared legitimate at the time, led to negotiations between both parties.
Chief Inspector Lawer further disclosed that the complainant’s company subsequently transferred GH¢49,595,816.00 to the accused persons based on assurances that the gold would be delivered as agreed.
However, the court was told that after receiving the funds, the accused persons allegedly failed to supply the promised 32 kilogrammes of gold.
They also reportedly failed to refund the money despite repeated assurances that the funds would be returned.
Following several unsuccessful attempts to recover the funds, a formal complaint was lodged with the police.
This led to the arrest of the two suspects and their subsequent arraignment before the court.
The prosecution told the court that investigations revealed no delivery of gold had been made and no repayment had been initiated.
Court decision and next steps
The court denied bail for both accused persons and ordered that they be remanded into police custody to assist with ongoing investigations.
Prosecutors further informed the court that the case would be forwarded to the Attorney General for legal advice due to the significant amount of money involved.
The case is expected to continue as authorities intensify investigations into what is suspected to be a large-scale gold fraud scheme.
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Police officers caught asking for bribe
Earlier, YEN.com.gh reported that a Ghanaian man driving his vehicle at night encountered some personnel of the Ghana Police Service at a mounted security checkpoint.
The driver was stopped by the police, as is the practice, and turned on the light so the officers could clearly see inside the car.
Source: YEN.com.gh
