An Accra Circuit Court has denied bail to two businessmen accused of defrauding a gold purchasing firm of GH¢49,595,816.00 under the pretext of supplying gold.
The accused, Kenneth Torbizo, 49, and Ernest Kofi Nyatorgbe, 37, pleaded not guilty to charges of conspiracy to defraud Kofi Asaah Attakurah, Chief Financial Officer of Max Palasco Company.
According to a report by citinewsroom.com on May 6, 2026, prosecuting, Police Chief Inspector Jonas Lawer told the court that the complainant works for a registered gold purchasing firm in Ghana.
He said the accused, who operate under the name Torbiken Enterprise, approached the company’s Chief Executive Officer in January 2026 with an offer to sell 32 kilogrammes of gold.
“The accused collected GH¢49,595,816.00 from the complainant with the promise of delivering the gold but failed to do so,” the report said.
They also allegedly refused to refund the money despite several assurances that the funds would be returned.
Chief Inspector Lawer said a formal complaint was later lodged with the Police, leading to the arrest and arraignment of the two suspects before the court.
The court subsequently remanded Torbizo and Nyatorgbe into Police custody to assist with ongoing investigations.
Prosecution further indicated that the case would be forwarded to the Attorney-General for advice due to the substantial amount involved.
Source: Ghanaweb