>> ASIAONE / NEWS / ASIAONE NEWS / MALAYSIA / STORY
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.

 
 
STORY INDEX
 
  Millions lost in gold bar scam
   
 
  Young men lured into web of vice by massage centre services
   
 
  Cameron Highlands bus mishap claims another life
   
 
  Malaysia's Petronas Chemicals reports fire at plant
   
 
  Fire razes 2 wooden houses, 3 guest houses in Penang
   
 
  PM: 1Malaysia not a political agenda; its for nation-building
   
 
  Celebrities' offspring: Joanna Lim develops her father's business and creates DIY jewellery with own hands
   
 
  Mum of two caught during tryst with Iraqi
   
 
  Woman worried over missing hubby
   
 
  'Cops beat me up'
   
>> RELATED STORY
Trio accused in insurance scam point to mastermind
Thai red wine won gold in International Wine Challenge
Asiad: Bangladesh win first ever Asian Games gold
Pakistan win Asian Games hockey gold after 20 years
Online dating scams seducing Americans: agency

Elsewhere in AsiaOne...

Motoring: BMWs sold for a song

Digital: Beware of lucky-draw scam via text message

Business: Gold reaps benefit of safe-haven bid, ETF rise

Just Women: 'Hi, I'm interested in you'

 

We welcome contributions, comments and tips.
a1admin@sph.com.sg
Search AsiaOne: