CID arrests three over $14.3m gold fraud involving Turkish firm

The Criminal Investigations Department (CID) of the Ghana Police Service has arrested three individuals in connection with an alleged fraudulent gold transaction valued at over US$14 million involving a Turkish company.

The arrests follow a complaint filed on behalf of TAVEST FZCO, a Turkish-based firm, alleging defrauding by false pretences in a gold supply deal.

According to reports, the agreement was for the supply of 50 kilogrammes of gold bars. After a contract was signed, a total of US$14.315 million was reportedly transferred from the United Arab Emirates into an account designated under the arrangement.

However, investigators say only a portion of the agreed gold was delivered, leaving a significant shortfall. The complainant’s attempts to recover the remaining gold or obtain a refund were reportedly unsuccessful, leading to an official petition to the CID.

Suspects Granted Bail

The arrested individuals are believed to include persons connected to companies that facilitated the transaction. They have since been cautioned and granted bail as investigations continue.

CID officers are currently examining contracts, payment records, and delivery documents while questioning other individuals and companies linked to the transaction chain.

Dispute Over Fraud or Contractual Breach

The case has drawn attention due to conflicting claims between the parties. Disputes remain over whether the transaction amounted to criminal fraud or a contractual misunderstanding.

The CID has confirmed that investigations are ongoing to establish the full circumstances of the deal and determine any criminal liability. Authorities have assured that anyone found culpable will be prosecuted.