Police warn against scammers targeting former investors of failed gold investment companies

Scammers have made cold calls to former investors of failed gold investment companies, the police said. PHOTO: ST FILE

SINGAPORE - Police on Friday (July 19) warned former investors of failed gold investment companies against falling prey to scammers.

The scammers have made cold calls to former investors of companies such as Genneva, Asia Pacific Bullion and The Gold Guarantee, the police said.

The callers claimed they were from litigation or recovery companies and offered to help investors recover their investments through civil proceedings or other methods, in return for a fee.

In some cases, the callers also offered to buy over gold bars at prices above the prevailing market price or the original purchase price.

But investors were then asked to "reinvest" their sales proceeds in an alternative investment scheme, which promised attractive returns and guaranteed capital protection over a short period of time.

Police advise members of the public to remain vigilant when receiving such unsolicited calls. They should ignore these calls, and not divulge any personal information or follow the instructions of the unknown caller.

Those who wish to provide information about such scams may call the police on 1800-255-0000, or send the information online at www.police.gov.sg/iwitness

For scam-related advice, members of the public can call the anti-scam helpline on 1800-722-6688 or visit www.scamalert.sg

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