Two businessmen accused of involvement in a GH¢49,595,816.00 gold fraud have been refused bail by the Accra Circuit Court Nine. 

Kenneth Torbizo, 49, and Ernest Kofi Nyatorgbe, 37, pleaded not guilty to conspiring to defraud Mr Kofi Asaah Attakurah under the pretext of supplying 32 kilogrammes of gold. 

Police Chief Inspector Jonas Lawer told the Court that Mr Attakurah, the complainant, is Chief Financial Officer of Max Palasco Company, a registered gold purchasing firm in Ghana.  

He said Torbizo and Nyatorgbe, operating under Torbiken Enterprise, approached the complainant’s Chief Executive Officer in January 2026 with an offer to sell gold. 

Chief Inspector Lawer said the accused persons collected GH¢49,595,816.00 from the Attakurah, promising to supply 32 kilogrammes of gold, but failed to deliver or refund the money.  

He said that despite the accused's assurances that the funds were available and would be transferred, they refused or neglected to do so. 

A complaint was lodged with the Police, leading to their arrest and subsequent arraignment.  

Torbizo and Nyatorgbe have been remanded into Police custody to assist investigations. 

The prosecution informed the Court that the case would be referred to the Attorney‑General for advice, given the amount involved.