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.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Boustead Projects Q4 earnings slip 2% to S$5.7m on weaker marginsREAL estate player Boustead Projects saw earnings fall 2 per cent year-on-year to S$5.7 million for the fourth quarter ended March, amid weaker gross margins in its core design-and-build segment, coupled with depreciation costs for its AliceMediapolis project. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »