Dr Gabriel Tanko Kwamigah-Atokple: Council of State Member Exonerated in $14.3m Gold Fraud Probe
- The CID has reportedly cleared Sesi-Edem Company Limited of any wrongdoing in an alleged $14.315 million gold fraud case
- The case centres on claims that JG Resources Limited failed to fully deliver gold despite receiving full payment from TAVEST FZCO
- Investigations and earlier High Court ruling found Sesi-Edem acted within a valid contract and legal trading period
The Criminal Investigations Department (CID) of the Ghana Police Service has reportedly exonerated Sesi-Edem Company Limited, a firm belonging to the Volta Regional representative on the Council of State, Dr Gabriel Tanko Kwamigah-Atokple, in an alleged $14.315 million gold fraud case.
According to a publication sighted on GhanaWeb, the CID found no wrongdoing by Sesi-Edem Company Limited following extensive investigations into the case.
Source: Facebook
This is in spite of ongoing investigations into allegations of defrauding by false pretences, contrary to Section 131 of the Criminal Offences Act, 1960 (Act 29).
The case involves allegations of defrauding by false pretences in connection with a gold supply deal.
Details of alleged gold fraud case
It will be recalled that in a report filed on December 12, 2025, a corporate investment law and litigation firm, Lithur and Brew Company, submitted a petition on behalf of TAVEST FZCO, a Turkish investment company.
The law firm alleged in the petition that JG Resources Limited received payment for the supply of 50 kilogrammes of gold bars but failed to fully honour the agreement.
Investigators said TAVEST FZCO signed an agreement with JG Resources Limited on May 25, 2025, with the company represented by its director, Kwaku Appiah Yeboah.
The complainant further alleged that $14.315 million was transferred from the United Arab Emirates into an Access Bank account provided by JG Resources Limited as full payment for the gold consignment.
However, only $7.515 million worth of gold was reportedly delivered, leaving a balance of $6.8 million in either undelivered gold or an unpaid refund.
Arrests of alleged gold fraud suspects
The CID report stated that Kwaku Appiah Yeboah and lawyer Papa Yaw Owusu Ankomah, both directors of JG Resources Limited, were arrested, cautioned, and later granted bail pending further investigations.
It added that Frank Kofi Adjetey Wood, Chief Executive Officer of Frank City Mineral and Oil Company Limited, was also arrested, cautioned, and granted bail after investigators were informed that the gold had been sourced from multiple suppliers.
During interrogation, the directors of JG Resources Limited told police they had procured gold from several companies, including Goldline Mining Limited, Frank City Mineral and Oil Company Limited, Demensah Company Limited, and Sesi-Edem Company Limited.
The report also indicated that Dr Kwamigah-Atokple was invited by investigators and provided a statement, along with relevant contractual documents.
CID findings and court ruling
According to the findings, JG Resources Limited later entered into a contract with Sesi-Edem Company Limited on June 5, 2025, for the supply of 50 kilogrammes of gold, with the agreement set to run until June 5, 2026.
Investigators said available evidence showed that Sesi-Edem Company Limited had supplied 32.8 kilogrammes of gold under the contract, with deliveries reportedly made at the company’s premises.
Consequently, the report stated that no incriminating evidence had been established against Sesi-Edem Company Limited in relation to the contract.
The CID’s findings align with an earlier ruling by the Adenta High Court on March 25, 2026, which held that the matter did not fall within the mandate of the Economic and Organised Crime Office (EOCO) under Section 3 of the EOCO Act, 2010 (Act 804).
The court noted that Sesi-Edem Company Limited had obtained a gold trading licence from the Precious Minerals Marketing Company in August 2024, valid until August 2025, and had also secured authorisation under a government agreement.
Although the Goldbod Act later revoked existing licences, the court observed that a public notice issued on May 22, 2025, allowed licence holders to continue trading until June 21, 2025.
It therefore ruled that the contract between Sesi-Edem Company Limited and JG Resources Limited, executed on June 5, 2025, fell within the permitted period and was lawful.
Source: Facebook
Kwamigah-Atokple threatens legal action
Meanwhile, YEN.com.gh reported that Dr Kwamigah-Atokple had threatened legal action against EOCO over fraud and money laundering allegations linked to a GH¢57.7m gold deal.
He insisted the Adenta High Court already ruled the matter was civil in nature and ordered the defreezing of his company’s accounts.
Kwamigah-Atokple has therefore demanded an immediate public apology from EOCO’s Acting Executive Director, Raymond Archer, within 12 hours or face legal action.
Source: YEN.com.gh
