Woman arrested for allegedly cheating victims of S$5.4m in gold investment scam

SINGAPORE: A 49-year-old woman has been arrested for her alleged involvement in a series of gold investment scams, the Singapore Police Force said on Friday .

"Preliminary investigations revealed that the woman is believed to be involved in at least five cases of gold investment scams where victims were cheated of a total of more than S$5.4 million," the police added.Between January and February, the police received several reports of victims who were approached by a woman claiming to operate a gold brokerage company that sells gold at discounted price.

They were told to make payments through bank transfer ranging from S$261,000 to more than S$3.5 million, purportedly for purchasing gold, the police said.Police identified the woman and arrested her on Wednesday, while a 24-year-old man is also assisting with investigations.The woman will be charged with cheating on Friday. If found guilty, she may be jailed for up to 10 years, and fined.

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