Police warn of cold callers targeting investors of failed gold trading companies

Police warn of cold callers targeting investors of failed gold trading companies

File photo of gold bars. (Photo: AFP/Paul J Richards)
File photo of gold bars. (Photo: AFP/Paul J Richards)

SINGAPORE: People who had invested in failed gold trading companies are now being targeted by cold callers claiming to be from litigation companies, police warned on Friday (Jul 19).

The callers would offer to help them recover their investments via civil proceedings or other methods in return for a fee, the police said in a news release.

In some cases, the callers would offer to buy over gold bars at above market prices, or at prices higher than what the investors had paid for. 

"However in return, the investors were asked to 're-invest' their sales proceeds into an alternative investment scheme that promised attractive returns and guaranteed capital protection over a short period of time," said the police. 

According to the police, the failed gold trading companies whose investors were targeted include Genneva, Asia Pacific Bullion and The Gold Guarantee. 

READ: 2 men arrested for multi-million dollar gold investment scam

Police said members of the public are advised to be wary when receiving unsolicited calls from unknown people regarding investments. 

They should ignore such calls and avoid revealing personal particulars and information on their investments.

Those who wish to provide information on such scams may call the police hotline at 1800-255-0000, or submit it online at www.police.gov.sg/iwitness.

Source: CNA/ec(gs)

Bookmark