GoldBod Security Taskforce Arrests Three Suspected Gold Smugglers in Kumasi, Remanded by Court

Three individuals, all Indian nationals, have been apprehended by the GoldBod security taskforce on suspicion of engaging in illegal gold smuggling operations.

The arrested suspects have been identified as Goutam Katriya, 35; Miraj Sarvaych, 22; and Manash Damani, 42. They are reportedly involved in gold trading activities in both Kumasi and Accra, operating on behalf of a company identified as Unique MM, allegedly owned by a Ghanaian national named Musah Salifu.

The arrests took place at the suspects’ private residence located near Atinga Junction in Kumasi, which authorities say had been converted into an unauthorized gold trading center. The operation was initiated based on a tip-off from a concerned whistleblower who reported the suspects’ practice of purchasing gold at “black market” rates for the purpose of smuggling it out of the country.

The three suspects were arraigned before the Achimota Circuit Court yesterday and have been remanded into custody for a period of two weeks, pending further investigations.

At a press conference held in Accra, Chief Superintendent Osman Alhassan, the Director of Investigations at National Security, revealed that a significant amount of cash and gold was seized from the suspects. This included 1.9 million Ghanaian cedis, 4,500 Indian rupees, 4.363 kilograms of gold, two currency counting machines, a CCTV recorder, and an Indian passport.

Preliminary investigations conducted by National Security have indicated that none of the three arrested individuals possess valid licenses permitting them to purchase or trade in gold within Ghana. Furthermore, despite operating in the Ghanaian gold sector for over a decade, the suspects have allegedly failed to provide any evidence of valid residence or work permits, nor any records of tax payments related to their business activities.

The investigation has also uncovered that Musah Salifu, the Ghanaian individual purported to be the sole shareholder of Unique MM, is suspected to be a front for Goutam Katriya, who is believed to be the true beneficial owner and controlling figure behind the company.

Chief Superintendent Osman Alhassan issued a strong warning to both Ghanaian and foreign nationals against violating the provisions of the Ghana Gold Board Act and other relevant laws governing the gold trading industry in the country.

“This arrest is only the beginning of GoldBod’s ruthless war against illegal gold trading and gold smuggling. We know that the arrested suspects smuggle gold through unapproved border points into India. This has serious negative consequences for the Ghanaian economy. We are still gathering intelligence on several illegal gold traders and smugglers. And very soon, we shall take necessary action,” he stated.

The three suspects are scheduled to remain in the custody of the National Intelligence Bureau (NIB) until their next court appearance on May 12, 2025.

In a related development, GoldBod has reiterated its directive, issued in a Press Release dated April 23, 2025, for all foreign nationals involved in the gold trading sector to exit the market by April 30, 2025. Additionally, all individuals and entities dealing in gold have been instructed to conduct transactions in Ghanaian cedis and at the official Bank of Ghana Reference Rate. Failure to comply with these directives will constitute a punishable offense under the GoldBod Act, 2025 (ACT 1140).