The Accra Circuit Court has remanded two businessmen into police custody over their alleged involvement in a GH¢49,595,816 gold fraud case.
The accused, Kenneth Torbizo, 49, and Ernest Kofi Nyatorgbe, 37, appeared before Circuit Court Nine on charges of conspiracy to defraud.
Both men pleaded not guilty to allegations that they defrauded businessman Kofi Asaah Attakurah under the pretext of supplying 32 kilogrammes of gold.
The court denied them bail and ordered that they remain in police custody to assist with ongoing investigations.
Presenting the facts before the court, Chief Inspector Jonas Lawer said the complainant serves as the Chief Financial Officer of Max Palasco Company, a firm registered to purchase gold in Ghana.
According to the prosecution, the accused persons operate a gold trading business known as Torbiken Enterprise.
Police said that in January 2026, the two men approached the complainant through the company’s Chief Executive Officer with an offer to sell gold, to which the company expressed interest.
The prosecution stated that following negotiations, the accused allegedly demanded and received GH¢49,595,816 from the complainant in exchange for 32 kilogrammes of gold.
However, despite receiving the money, the accused allegedly failed to deliver the gold or refund the amount paid.
After several unsuccessful attempts to recover either the gold or the funds, the complainant reported the matter to the police, leading to the arrest of the two businessmen.
The prosecution further informed the court that the case would be forwarded to the Office of the Attorney General for legal advice due to the magnitude of the amount involved.
