THE BLOG'S THREE MAIN OBJECTIVES:
~*Revealing and Getting Rid of Scams | Creating Honest Sustainable Wealth | Offering Happiness, Safety and Legitimacy*~

Friday, 27 February 2015

More than 100 investors lodge police reports on alleged gold scam

The group says they are representing more than 260 victims. It is believed that there are more than 8,000 victims from all around the world who have taken part in this scheme, with total losses of more than S$80 million.

 

SINGAPORE: More than 100 people who had invested in a gold buyback scheme gathered on Monday (Feb 2) at the Commercial Affairs Division in Police Cantonment Complex to lodge a report against investment company Suisse International.
 
They said they represented about 260 investors in total, adding that 8,000 people around the world are believed to have been scammed, with losses of more than S$80 million.

The company allegedly told investors that it bought and sold gold to turn into novelty coins, which were then sold at a profit overseas.

To participate, investors had to purchase at least 1kg worth of gold bars costing between S$10,000 and S$20,000. In return, they were told they would receive S$5,400 in monthly payouts. Investors would also receive a referral fee if they introduced a friend to the scheme.

 
 
Investors said they have previously cashed cheques by the company and hence did not suspect it was a scam.

The payouts allegedly stopped in September last year and the investors said that the bosses of the company have been uncontactable since last month.

“In September, the Government had implemented new regulations against money-laundering. Then the company said they had to move our contracts to Hong Kong. We did as we were told, but we were unable to receive our payouts from then on,” said an investor who gave his name as Johnny.

A man claiming to be the vice president of Suisse International led the group to CAD to make the report. He said he had taken part in the investment scheme for two years.

The company has been on the Monetary Authority of Singapore's (MAS) Investor Alert List since November 2014. According to MAS, the list comprises unregulated persons who - based on information received by MAS - may have been wrongly perceived as being licensed or authorised.

No comments:

Goldman Sachs Information, Comments, Opinions and Facts