A report from the Criminal Investigations Department (CID) of the Ghana Police Service has found no wrongdoing in the alleged $14.315 million gold fraud by the Volta Regional representative of the Council of State, Dr. Gabriel Tanko Kwamigah-Atokple, owner of Sesi-Edem Company Limited.
The report states that investigators found no incriminating evidence against Sesi-Edem Company Limited regarding a contract linked to the transaction, despite ongoing investigations into allegations of defrauding by false pretences, contrary to Section 131 of the Criminal Offences Act, 1960 (Act 29).
According to the report, on 18/12/2025, a petition authored by Lithur and Brew Company, a corporate investment law and litigation firm, on behalf of TAVEST FZCO, a Turkish investment company, alleged that JG Resources Limited received payment for the supply of 50 kilogrammes of gold bars but failed to fully honour the agreement.
Investigators said TAVEST FZCO entered into the agreement with JG Resources Limited on May 25, 2025, represented by its director Kwaku Appiah Yeboah.
The complainant alleged that a total of $14.315 million was transferred from the United Arab Emirates into an Access Bank account provided by JG Resources Limited as full payment for the consignment.
However, gold valued at only $7.515 million was reportedly supplied, leaving an outstanding balance of $6.8 million in either undelivered gold or unpaid refund.
The CID report further disclosed that 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 also states that Frank Kofi Adjetey Wood, Chief Executive Officer of Frank City Mineral and Oil Company Limited, was later arrested, cautioned and granted bail after investigators were told gold had been sourced from multiple suppliers.
During interrogation, the JG Resources directors reportedly informed police that they obtained gold from several firms, including Goldline Mining Limited, Frank City Mineral and Oil Company Limited, Demensah Company Limited, and Sesi-Edem Company Limited.
The report further reveals that Dr. Gabriel Tanko Kwamigah-Atokple was invited by investigators and provided a statement together with contractual documents.
According to the CID findings, JG Resources Limited later entered into a contract with Sesi-Edem Company Limited on June 5, 2025 for the supply of the 50 kilogrammes of gold, with the agreement expected to run until June 5, 2026.
Investigators said available evidence showed Sesi-Edem Company Limited had supplied 32.8 kilogrammes of gold to JG Resources Limited under that contract, with deliveries reportedly 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 stated.
The findings of the CID report appear consistent with an earlier ruling by the Adenta High Court delivered on March 25, 2026, which also determined that the issues raised did not fall within the mandate of the Economic and Organised Crime Office (EOCO) under Section 3 of the EOCO Act, 2010 (Act 804).
The Court noted that Sesi-Edem Company Limited had obtained a gold trading licence from the Precious Minerals Marketing Company in August 2024, valid until August 2025, and had also secured authorisation under a government agreement.
Although the Goldbod Act revoked previous licences, the Court observed that a public notice issued on May 22, 2025 permitted existing licence holders to continue trading until June 21, 2025.
The Court therefore held that the company’s contract with JG Resources Limited, executed on June 5, 2025, fell within the permitted period and was lawful.
