Crime & Courts

Over 100 people defrauded of RM110mil in gold scam

KUALA LUMPUR: More than 100 people collectively lost over RM110 million to a scheme in which they were offered 916 gold at prices lower than the going market rates.

They had fallen for the scheme, orchestrated by a 37-year-old businesswoman, which has been going on for at least the past two months.

Most of the victims work at a public hospital unit in the Klang Valley, but they also include teachers in several states and are now being "hunted" for being middlemen who collected money to be invested in the scheme.

Similar to previous pyramid schemes, investors were lured with enticingly low prices, with some even willing to borrow from relatives, friends and loan sharks just to grab the "great deal".

The businesswoman used two of her "lieutenants", civil servants at the hospital and a school, to look for victims before offering the investment involved.

Mariam (not her real name) said she was introduced to the scheme by the woman around February.

She was promised returns based on the gold prices at the time of the investment.

At that time, she said, the gold price offered was significantly lower than the market price, ranging from RM169 to RM195 per gramme, and would get her returns within three to six months from the investment date.

"I was excited and invited other friends to join the investment and they agreed to also invest by making payments to me.

"Once I collected the money, I transferred it to the account of the woman involved, totalling more than RM2 million, with my own investment amounting to RM408,110," she told Harian Metro.

Mariam said they were promised returns starting from July to December this year.

However, they have since received numerous excuses to delay payments and the delivery of gold.

Meanwhile, another victim, who wished to be known only as Sarinah, said she was introduced to the gold investment scheme by a man who was also an acquaintance of the woman in January.

"I was promised that this investment was guaranteed, and I would receive returns based on the current gold price at the time of investment.

"Attracted by the investment, I made a payment of RM298,100 and was also promised returns starting from July, but until now, I have not received any returns from the investment," she said.

Sarinah said she had asked the man involved, but various excuses were given to avoid payment or the delivery of the gold.

On Oct 18, police said they are looking for a woman who is suspected of masterminding fraudulent gold sales activities by tricking people into buying gold at a cheap price involving a loss of more than RM7 million.

Federal Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf had said, since September, police have received 18 police reports regarding the woman's activities.

Ramli said investigations revealed that the suspect is said to be selling jewellery at a lower price than the current market which is around RM150 to RM200 for one gramme of gold.

Police, he said, were looking for one Siti Hajartul Haini Abd Hamid to assist investigations into the case.

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