The Police have arrested a 49-year-old woman for her involvement in a series of gold investment scam.
Between January and February 2019, the Police received several reports of victims who were approached by a woman who claimed to operate a gold brokerage company selling gold at discounted price. The victims were then directed to make payments via bank transfer ranging from $261,000 to $3,546,000 purportedly for the purchase of gold. After payments were made, the woman did not fulfil the victim's purchase orders.
Through follow-up investigations, officers from Ang Mo Kio Police Division established the identity of the woman and arrested her on 22 May 2019. Preliminary investigations revealed that the woman is believed to be involved in at least five cases of gold investment scams where victims were cheated of a total of more than $5.4 million. A 24-year-old man is also assisting police investigations in relation to this case.
The woman will be charged in court on 24 May 2019 with cheating under Section 420 of the Penal Code, Chapter 224, which is punishable with an imprisonment term which may extend to 10 years, and shall also be liable to fine.
Source: Singapore Police Force