Hunt for four in RM100mil gold scheme

  • Nation
  • Wednesday, 19 Mar 2014

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.

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Courts & Crime , gold scam , 100mil


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