Home > News > Nation
Wednesday March 19, 2014 MYT 12:00:00 AM
Wednesday March 19, 2014 MYT 9:01:33 AM
by bernard see
GEORGE TOWN: Police are looking for a company director and three of his employees who allegedly collected more than RM100mil from over 250 people in a gold scam.
Sources said that the director, who is in his 60s, along with
his staff had collected between RM100,000 and RM1.5mil from each of their victims in Penang, Kuala Lumpur and Johor to buy gold since 2010.
A victim, who wanted to be known only as Lim, 52, said he first “invested” RM10,000 with the company and was given gold bars.
“I made a hefty profit by selling the gold bars when the price went up and subsequently increased my investment to RM300,000 over a period of one year,” Lim said.
“I became suspicious when there was a delay in obtaining my gold bars. I was given the runaround by the company staff whenever I called to ask about it.
“After waiting for a few weeks, I went to the office here and found out that the company had closed down. My telephone calls also went unanswered,” he said, adding that the company headquarters in Kuala Lumpur was also closed.
Lim said he had lodged a report with the state Commercial Crime Investigations Department.
Police have classified the case as cheating under Section 420 of the Penal Code, which carries a jail term of up to 10 years with possible whipping and a fine upon conviction.
The suspects, whose identities are known, are on the run, with some of them overseas and apparently “living it up” with their ill-gotten gains.
It is learnt that the Immigration Department had been instructed to be on the lookout if they returned to the country.
Interpol’s help has also been sought in the matter.
Tags / Keywords:
Courts Crime, gold scam, 100mil
Thai, Malaysian police set to discuss Justo case next week
Penang cops complete probe over Azmin's ‘barua’ statement
Husband and wife found dead in their home
High Court fixes Aug 12 for case management on Jill Ireland application
Man escapes gallows after Federal Court acquits him of drug-trafficking charges
They are just allegations, says Vell Paari of WSJ report on Najib
PM must pursue legal action if WSJ claims untrue, Shafie says
Khairy backs Najib's decision to take legal action against WSJ
Photo Gallery: The week in pictures
Celebrate Raya in style with GEMFIVE
The 3 unexpected life events that leave us in debt
The International 2015 crosses US$15mil mark
Construction firm commended for safety awareness
Buka puasa buffet with 80 dishes
Copyright © 1995-2015 Star Media Group Berhad (ROC 10894D)(Formerly known as Star Publications (Malaysia) Berhad)