60 lose RM25mil in gold investment scam

Wednesday February 10, 2010

By TAN SIN CHOW

sctan@thestar.com.my

GEORGE TOWN: At least 60 people from Penang have lost more than RM25mil in a gold investment scam which is said to be operated by a Kuala Lumpur-based company.

Police believe that the amount of money and the number of victims are just the tip of the iceberg as there could be many cases which have gone unreported.

State Commercial Crime Investi gations Department chief Asst Comm Roslee Chik said 30 reports involving 60 victims were received this year. All the incidents took place last year.

He said the Bukit Aman police headquarters had since taken over the investigation as the duped investors are from all over the country, including Kuala Lumpur and Selangor.

He added that the victims only realised that they were taken for a ride in the fourth month of investment.

“This is when the syndicate would give them two options – either to renew the contract or to pull out from the scheme.

“It would be the end of the road for investors then. For either options, syndicate members would tell you they need to re-weigh and re-assess the genuineness of the gold bars which was given to the investors.

“The syndicate will claim they need seven days to check the gold bars. But during the period, they will abscond with the gold,” ACP Roslee said at a press conference at the state police contingent headquarters yesterday.

Source from http://thestar.com.my/news/story.asp?file=/2010/2/10/nation/5644965&sec=nation