A Turkish company identified as Tayvest-FZCO has filed a formal complaint with the Criminal Investigations Department (CID) of the Ghana Police Service against a Ghanaian company, JG Resources Limited over a US$17 million gold fraud.
The case has been filed against JG Resources Limited and its directors, Kwaku Appiah Yeboah, the company’s Chief Executive Officer, and Papa Yaw Owusu-Ankomah.
Reports reveal that the complaints were filed as far back as last year regarding an alleged US$17 million gold transaction that has collapsed.
The US$17 million gold transaction collapse comes amid accusations of fraud, document manipulation and conflicting claims.
According to information gathered, the petition centres on funds paid for a large consignment of gold meant for export to Dubai in the United Arab Emirates (UAE).
Kuranchie Maame Akosua Asama has been identified as having played a dual role in the US$17 million gold transaction.
She is said to have closely worked with the Turkish firm on a project in Kumasi and is also being linked to JG Resources Limited.
Records show that JG Resources Limited was incorporated on 7 April 2025 and received the full US$17 million payment from Tayvest-FZCO for the supply of gold barely months after its registration.
“According to the CID complaint, Tayvest-FZCO transferred the US$17 million to JG Resources Limited for the supply of gold, with the funds reportedly received and withdrawn through Access Bank Ghana. While some quantity of gold was eventually delivered, police sources told The Herald that it fell far short of what was paid for.
Repeated efforts by the Turkish firm to obtain the outstanding quantity of gold or secure a refund are said to have failed, fuelling suspicions of a deliberate scheme rather than a commercial misunderstanding”, the Herald report stated.
The Herald report detailed that Police and security sources revealed that the case has become contentious following attempts by JG Resources Limited and its principals to present themselves to the Turkish company as victims of fraud and money laundering.
“These claims, however, are at odds with documentary evidence indicating significant discrepancies between the quantity of gold supplied and the amount paid”.
Investigators are also said to be investigating allegations that questionable or forged documents which were deployed in an apparent effort to misrepresent the true nature of the transaction with the alleged documents said to have complicated the probe and unsettled several interests connected to the deal.
Also, the US$17 million gold transaction has triggered the interest of EOCO, which is investigating the case with other state agencies also conducting parallel investigations.
The Herald report further stated, “The matter has triggered parallel investigations by multiple state agencies, including the Economic and Organised Crime Office (EOCO). Portions of the dispute have already found their way to court, while sources indicate that further legal action is being prepared as the parties battle over responsibility and liability.
Beyond law enforcement, The Herald has learnt that representatives of Tayvest-FZCO have also engaged Ghana’s National Security apparatus in a bid to retrieve the funds, underscoring the scale and sensitivity of the dispute”.