Two businessmen allegedly involved in a GH¢49,595,816.00 gold fraud were on Wednesday refused bail by the Accra Circuit Court Nine.

Kenneth Torbizo, 49, and Ernest Kofi Nyatorgbe, 37, the accused persons, have denied conspiring to defraud Kofi Asaah Attakurah under the pretext of supplying him with 32 kilogrammes of gold.

They have been remanded into Police custody to assist in the investigation.

Police Chief Inspector Jonas Lawer, giving the facts of the case, said that Mr Attakurah, the complainant, was the Chief Financial Officer of Max Palasco Company, registered to purchase gold in Ghana.

He said Torbizo and Nyatorgbe were also businessmen into buying and selling gold, operating under the name Torbiken Enterprise.

In January 2026, Torbizo and Nyatorgbe approached the Complainant through his company’s Chief Executive Officer (CEO) to sell a quantity of gold, and the CEO expressed interest.

Based on that, Torbizo and Nyatorgbe demanded and collected GHC49,595,816.00 from the complainant and promised to supply 32 kilogrammes of gold, equivalent to the cash received.

Several attempts by the complainant to obtain the gold or a refund of his money proved unsuccessful.

The complainant thus reported the matter to the police, which led to the accused's arrest.

They were charged with the offences and put on trial.

The prosecution also told the court that it would refer the case to the Attorney General for advice, given the amount involved.