Millions lost in gold bar scam
Mon, Dec 27, 2010
The Star/Asia News Network

IPOH - A businessman here has lost RM1mil (S$419,800) in a scam over confiscated gold bars purportedly from the Customs Department.

K. V. Ganesan, 45, said he was offered the deal to buy the gold bars by a businesswoman, who was also a fashion designer from Prai, in December 2008.

"The woman showed me an offer letter with the Customs Department logo for the sale of 80 gold bars at RM30,000 each," said Ganesan when met here yesterday.

"The market price is about RM150,000 so it sounded like a good bargain," he said.

Ganesan said the businesswoman told him that he had to deposit RM1mil to bid for the gold bars.

"'I was assured of gaining interest from the RM1mil I put in," he said, adding that he received several cheques from the businesswoman after his bid was "successful" in 2009.

However, the cheques bounced.

"I then made inquiries with the Customs Department on the offer letter, only to find that it was a forgery.

"I was also told by a police officer that they have received similar reports from several other investors.

"About 20 people have fallen for the scam with a total of RM4mil being invested," Ganesan added.

He warned people to be careful of any investment plan that offers good returns.

"These offers are just too good to be true and I have learnt a valuable lesson," said Ganesan.

Perak commercial crime chief Supt Amarjit Singh confirmed the case and said a suspect has been arrested.

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