Published: Tuesday February 9, 2010 MYT 4:27:00 PM
60 allege RM25m losses in gold scam
GEORGE TOWN: Sixty people are claiming to have suffered losses totalling some RM25mil in a gold investment scam over the last year, said Penang Commercial Crime Investigation Department head ACP Roslee Chik.
He said the police had received 30 reports so far from investors who allegedly fell victim to the scam, operated by a company here.
“The company’s modus operandi was to sell 1kg gold bars at market price of between RM135,000 and RM150,000 each.
“Interestingly enough, the company also offered the buyers a dividend of 3% of the gold price for three months,” he told a press conference here Tuesday.
Roslee said the company would then pay the 3% dividend on the first two months before offering to buy back the gold bars from the buyers on the third month.
“When a buyer agrees to sell back and has handed over the gold bars, the company’s representatives would flee without making any payment,” he said.
Roslee said initial investigations found that the company neither had a licence issued by the Companies Commission of Malaysia nor from Bank Negara to conduct gold trading activities.
So far, he said police had arrested three suspects and were in the midst of tracking down 10 of their accomplices to facilitate further investigation into the case.
Meanwhile, Roslee said 32 people suffered losses totalling RM300,000 after they fell victim to a fraud scheme.
“Members of the syndicate posing as court, Customs or police officers, would call the victims and forge the identity of their mobile phone numbers using Voice-over-Internet Protocol (VoIP),” he said.
Roslee said the syndicate would then offer to help the victim settle their court or crime cases with certain fees to be banked in an account provided.
“So far, we cannot do anything about VoIP, but we do not dismiss the possibility that the syndicate involves an insider who provides information on the victims who are facing crime cases,” he said.
Roslee said further investigations were being done and several bank account holders had been arrested to facilitate the probe.
Hence, he said members of the public were advised to be wary of any investment offers and phone calls to prevent them from being cheated.
He said the public could also call the Penang Commercial Crime Investigation Department at (04) 222-1591 for enquiries concerning suspicious calls or investment opportunities. -- Bernama
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