A report by the Criminal Investigations Department (CID) of the Ghana Police Service has found no wrongdoing by Sesi-Edem Company Limited in an alleged $14.315 million gold fraud case.

The case involves claims of defrauding by false pretences linked to a gold supply agreement.

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According to citinewsroom.com report on Wednesday, April 29, 2026, the investigation followed a petition submitted on December 18, 2025, by Lithur and Brew on behalf of TAVEST FZCO, a Turkish investment company.

The petition alleged that JG Resources Limited received full payment for 50 kilogrammes of gold but failed to honour the agreement.

According to investigators, TAVEST FZCO entered into the deal with JG Resources Limited on May 25, 2025, through its director, Kwaku Appiah Yeboah.

The complainant said $14.315 million was transferred from the United Arab Emirates (UAE) into an Access Bank account provided by JG Resources Limited.

However, gold worth $7.515 million was supplied, leaving a balance of $6.8 million in either undelivered gold or unpaid refund.

The report added that the CID said Kwaku Appiah Yeboah and lawyer Papa Yaw Owusu Ankomah, both directors of JG Resources Limited, were arrested, cautioned and granted bail pending further investigations.

It added that Frank Kofi Adjetey Wood, Chief Executive Officer of Frank City Mineral and Oil Company Limited, was also arrested, cautioned and granted bail after it emerged that the gold was sourced from multiple suppliers.

Investigators said the directors of JG Resources Limited told police they procured gold from several companies, including Goldline Mining Limited, Frank City Mineral and Oil Company Limited, Demensah Company Limited, and Sesi-Edem Company Limited.

Dr Gabriel Tanko Kwamigah-Atokple, owner of Sesi-Edem Company Limited and Volta Regional representative on the Council of State, was invited by the CID and provided a statement together with documents relating to the transaction.

The report said JG Resources Limited later signed a contract with Sesi-Edem Company Limited on June 5, 2025, for the supply of 50 kilogrammes of gold, with the agreement expected to run until June 5, 2026.

According to the CID, evidence showed that Sesi-Edem Company Limited supplied 32.8 kilogrammes of gold to JG Resources Limited under the contract, with deliveries made at the company’s premises.

“In view of the evidence available, nothing incriminating has been established against Sesi-Edem Company Limited so far as the above-stated contract is concerned,” the CID report was quoted by citinewsroom.com.

The findings align with an earlier ruling by the Adenta High Court on March 25, 2026, which held that the matter did not fall within the mandate of the Economic and Organised Crime Office (EOCO).

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The court noted that Sesi-Edem Company Limited had a valid gold trading licence issued in August 2024 and was permitted to continue operations within a transition period announced in May 2025.

It further held that the company’s contract with JG Resources Limited, signed on June 5, 2025, was lawful.

MAG/VPO

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