As part of its mandate to curb gold smuggling and illegal gold trade in the country, the Ghana Gold Board (GoldBod) security task force has arrested three Indian nationals suspected of running an illicit gold operation in the Ashanti Region.
A statement from GoldBod revealed that the arrest was made in a private residence at Atinga Junction in Kumasi, which had been converted into a full-fledged gold trading center.
The suspects, namely Goutam Katriya (35), Miraj Sarvaych (22), and Manash Damani (42), were picked up during a targeted operation informed by a tip-off from someone the GoldBod describes as a patriotic whistleblower. The suspects are said to be affiliated with Unique MM, a company reportedly fronted by a Ghanaian named Musah Salifu, but whose true ownership lies with Katriya, now alleged to be the company’s “beneficial owner and alter ego.”
Illegal Gold, Foreign Currency, and High-Tech Equipment Seized
A search of the premises by the task force uncovered a number of items, including a cash amount of GH¢1.9 million, 4,500 Indian rupees, 4.363 kilograms of raw gold, two counting machines, a CCTV recorder, and an Indian passport.
The statement further noted that the arrest and seizure were made in line with ongoing investigations by National Security, which revealed that none of the suspects had a valid license to trade or purchase gold in Ghana, which is in direct contravention of the new GoldBod Act, 2025 (Act 1140).
Suspects Have No Legal Stay or Work Documentation
Further investigations have exposed deeper irregularities. Despite operating in Ghana for over a decade, the suspects failed to produce any valid residence permits, work permits, or tax compliance records. Their operations, conducted largely in black market settings, sought to buy gold at non-official rates and export it illegally, primarily to India, according to intelligence.
The Court Remand
The three suspects were arraigned before the Achimota Circuit Court on Monday, where they were remanded into custody for two weeks. They are expected to reappear in court on May 12, 2025, and will remain in the custody of the National Intelligence Bureau (NIB) until then.
The National Security Warning
Addressing the press in Accra after the bust, Chief Superintendent Osman Alhassan, Director of Investigations at National Security, declared the arrests as a decisive first step in an ongoing war against illegal gold trading.
“This arrest is only the beginning of GoldBod’s ruthless war against illegal gold trading and gold smuggling. We are still gathering intelligence on several illegal gold traders and smugglers. And very soon, we shall take necessary action,” he warned.
He emphasized the negative impact of smuggling on Ghana’s economy, pointing to the loss of foreign exchange and erosion of state revenue through unapproved gold exports.
The Directives to All Foreigners and Traders
GoldBod has earlier directed that all foreigners involved in gold trading must exit the sector by 30th April 2025, adding that all gold transactions must be conducted in Ghana cedis, and at the Bank of Ghana’s Reference Rate.
A breach of these directives, according to a GoldBod press release dated April 23, 2025, will constitute a punishable offense under the GoldBod Act.
This arrest sends a strong message about the country’s commitment to clamp down on unregulated gold markets, which have historically undermined revenue collection, facilitated capital flight, and threatened the integrity of its mineral sector.
As the GoldBod intensifies enforcement, observers anticipate further arrests and a restructuring of gold trading to align with formal systems.
