Crime & Courts

Kedah police receive 48 reports on massive gold investment scam

KUBANG PASU: Kedah police have received over 48 reports related to the 'pa jewellery' and 'paddy jewellery' gold investment scheme, which has reportedly cost investors RM26 million in losses.

Kedah police chief Datuk Fisol Salleh said reports were lodged across five districts, leading to the detention of seven suspects, including the alleged mastermind, a 37-year-old woman from Kubang Pasu.

"The six other suspects include her 37-year-old husband and her 29-year-old brother-in-law, while the remaining four are believed to be agents involved in the gold investment scheme.

"All the suspects, aged between 29 and 62, were detained between Oct 12 and 22 and remain in custody to assist in the investigation under Section 420 of the Penal Code for cheating," he said during a press conference today.

Fisol added that cash, jewellery receipts, bank cards, six luxury vehicles, and a motorcycle were seized to aid in the investigation.

"The suspects' modus operandi was to deceive victims by offering gold at prices below market value. Most investors were initially promised returns based on current gold prices. However, while they received returns in the first stage, subsequent payments were not fulfilled," he said.

Fisol urged the public to avoid being lured by schemes promising lucrative returns on gold investments to avoid fraud.

It was previously reported that more than 100 investors cried foul after losing more than RM110 million after being duped by the investment scam two months ago.

for the supposed investment.

Yesterday, police detained two more individuals connected to the 'pa jewellery' and 'paddy jewellery' gold investment scams, which resulted in multi-million ringgit losses.

Their arrests came after the main suspect, Siti Hajartul Haini Abd Hamid, 37, was detained at the Penang International Airport upon arrival from Dubai last Wednesday.

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