A Singapore press holdings portal

Crime

Monday, Sep 29, 2014

Crime

Group in limbo following sale of $1.6m worth of gold to businessman

The Star/ANN | Monday, Sep 29, 2014

GEORGE TOWN - A group of 17 people claimed to have failed to receive money for the RM4.2mil (S$1.6m) worth of gold they sold to a local businessman.

Spokesman Abdul Wahab S. Mohd Mydin, 44, claimed that he had dealt with the businessman - said to be a political party branch chief - between October and December last year.

"We have bought 16.635kg of gold as investment over the years and the businessman approached me with an offer to buy the gold at double the market price.

"I came to know the businessman through a mutual friend in January last year," he said at Chief Minister Lim Guan Eng's office here yesterday.

Abdul Wahab said the gold was sold in batches and instalments with issuance of postdated cheques from the businessman.

"We managed to cash in only RM710,349 worth of cheques while the others bounced because the bank accounts were either closed or that payments had been cancelled.

"Our cheques started to bounce when I told the businessman that we have no more gold to sell to him," he claimed, adding that 15 police reports were lodged with the George Town Commercial Crime Investigation Department.

Lim said he would personally call Penang police chief Senior Deputy Comm Datuk Wira Abdul Rahim Hanafi to follow up on the matter.

George Town OCPD Asst Comm Mior Faridalathrash Wahid said police were investigating the case under Section 420 of the Penal Code for cheating.

When contacted, the businessman said the matter was still under police investigation and that he would hold a press conference after consulting his lawyer.

No comments yet.
Be the first to post comment.