Two businessmen accused of allegedly defrauding a gold dealer of GH¢49,595,816 have been denied bail by the Accra Circuit Court Nine and remanded into police custody.
The accused, Kenneth Torbizo, 49, and Ernest Kofi Nyatorgbe, 37, both pleaded not guilty to charges of conspiracy to defraud by false pretences.
They are said to have targeted Mr Kofi Asaah Attakurah, Chief Financial Officer of Max Palasco Company, a licensed gold purchasing firm in Ghana, under the guise of supplying 32 kilogrammes of gold.
According to Police Chief Inspector Jonas Lawer, the two men, operating under Torbiken Enterprise, approached the company’s Chief Executive Officer in January 2026 with an offer to supply gold.
The prosecution told the court that the accused subsequently received GH¢49,595,816 from the complainant but failed to deliver the promised gold or refund the money.
He added that despite repeated assurances that the funds would be transferred or the transaction completed, the defendants did not follow through.
A formal complaint was later lodged with the police, leading to their arrest and subsequent court appearance.
Torbizo and Nyatorgbe have since been remanded to assist ongoing investigations.
The prosecution further informed the court that the case file is expected to be forwarded to the Attorney-General’s Department for legal advice, given the significant amount of money involved.