The Police have received reports of calls targeting former investors of failed gold investment companies such as Genneva Pte. Ltd, Asia Pacific Bullion Pte. Ltd and The Gold Guarantee Pte. Ltd. The callers claimed that they were from litigation or recovery companies and offered to help investors recover their investments in these failed companies via civil proceedings or other methods, in return for a fee.
In some instances, the callers also offered to buy over gold bars at prices higher than prevailing market gold prices, or at prices higher than the investors' original purchase price. However in return, the investors were asked to re-invest their sales proceeds into an alternative investment scheme that promised attractive returns and guaranteed capital protection over a short period of time.
Members of the public are advised to be vigilant when receiving unsolicited calls from purported recovery or litigation firms, and should adopt the following crime prevention measures:
Be wary when an unknown person calls you regarding your investments, especially when you did not approach anyone to recover your investment monies;
Ignore such calls. Do not divulge your personal particulars or information on your investments to the callers;
Do not follow the instruction or invitation of the caller to call him back or to meet him in person;
If you wish to provide any information related to such scams, please call the Police hotline at 1800-255-0000, or submit it online at www.police.gov.sg/iwitness. If you require urgent Police assistance, please dial '999'.
To seek scam-related advice, you may call the National Crime Prevention Council's anti-scam helpline at 1800-722-6688 or visit www.scamalert.sg. Join the 'let's fight scams' campaign at www.scamalert.sg/fight by signing up as an advocate to receive up-to-date messages and share them with your family and friends. Together, we can help stop scams and prevent our loved ones from becoming the next scam victim.
Source: Singapore Police Force