SINGAPORE - Four women were charged in court on Tuesday with cheating pawnshops to redeem gold linked to an investment scam.
Under the scheme, Genneva sold gold bars to customers and promised returns of up to 36 per cent on customers' investments with the company over a contract period. Genneva is believed to have collected around 3,500kg of gold from its customers, and the four agents pawned 31kg of the gold collected from customers.The women were charged in court with cheating, dishonestly inducing delivery of property and money laundering offences.If convicted of money laundering, they can be fined up to $500,000, jailed for up to 10 years, or both.
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