Accra, Ghana – Two businessmen, Kenneth Torbizo, 49, and Ernest Kofi Nyatorgbe, 37, have been denied bail by Accra Circuit Court Nine in connection with an alleged GH¢49,595,816.00 gold fraud. The duo pleaded not guilty to conspiring to defraud Mr. Kofi Asaah Attakurah by falsely promising to supply 32 kilogrammes of gold.
Background of the Alleged Fraud
The complainant, Mr. Attakurah, serves as the Chief Financial Officer for Max Palasco Company, a registered gold purchasing firm operating in Ghana. According to Chief Inspector Jonas Lawer, who presented the case to the court, Torbizo and Nyatorgbe, operating under the banner of Torbiken Enterprise, approached Max Palasco’s CEO in January 2026.
They presented an offer to sell a substantial quantity of gold. This led to a transaction where the accused individuals collected a sum of GH¢49,595,816.00 from Mr. Attakurah.
The Alleged Deception
The agreement stipulated the delivery of 32 kilogrammes of gold in exchange for the collected funds. However, Torbizo and Nyatorgbe allegedly failed to deliver the gold as promised. Furthermore, they did not refund the substantial amount of money to the complainant.
Despite repeated assurances from the accused that the gold was available and funds would be transferred, they reportedly refused or neglected to fulfill their end of the bargain. This alleged failure to deliver or refund prompted Mr. Attakurah to file a complaint with the police.
Legal Proceedings and Remand
Following the complaint, the police arrested Torbizo and Nyatorgbe. They were subsequently arraigned before Accra Circuit Court Nine. The court’s decision to deny bail means the two businessmen will remain in police custody as investigations continue.
The prosecution indicated that the significant sum involved necessitates a thorough investigation. The case is slated to be referred to the Attorney-General’s office for further advice before proceeding with formal charges.
Implications for the Gold Sector
This case highlights the persistent risks within the precious metals trading sector, particularly in regions with significant gold production like Ghana. Large sums of money changing hands based on trust and promised deliveries can be vulnerable to fraudulent schemes.
For businesses involved in gold purchasing, stringent due diligence and verification processes are crucial. The incident underscores the importance of robust security measures and legal frameworks to protect investors and legitimate businesses from scams.
The refusal of bail suggests the court is taking the seriousness of the alleged fraud seriously, especially given the substantial financial loss reported by the complainant. This action could serve as a deterrent to others contemplating similar fraudulent activities in the lucrative gold market.
What to Watch Next
The ongoing police investigation and the impending advice from the Attorney-General’s office will be critical in determining the next steps in this case. Observers will be watching to see if any further arrests are made or if additional evidence surfaces regarding the alleged conspiracy. The eventual outcome of the trial, should it proceed, could set a precedent for handling large-scale fraud within Ghana’s gold industry.
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