SINGAPORE: Two men have been arrested for their suspected involvement in a multi-million dollar gold investment scam, the police said on Tuesday ...
Share via E-Mail Bookmark SINGAPORE: Two men have been arrested for their suspected involvement in a multi-million dollar gold investment scam, the police said on Tuesday . The suspects were arrested by the Commercial Affairs Department with assistance from the Royal Malaysia Police. Advertisement The men are believed to be involved with Genneva Pte Ltd, a gold investment company, which sold gold bars under a buyback scheme between 2008 and 2012.
“This was purportedly for the purpose of ascertaining the authenticity and purity of the customers’ gold. The customers were told that Genneva would return them an equivalent quantity of gold after three working days,” the police said. Advertisement Advertisement Within two months, Genneva collected about 3,500kg of gold from the “Gold Inspection” exercise. The company eventually failed to return approximately 640kg of gold to its customers as it was experiencing financial difficulties.
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