Close up pure gold bar ingot put on the black color leather surface background represent the business and finance concept idea (Photo by itti ratanakiranaworn from Shutterstock).

Police issue warning of cold calls to former investors of failed gold investment companies

Members of the public are warned by the Police about 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 Police stated that it received reports regarding the matter, saying that the scammers 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.

It noted that 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.

The police advised members of the public 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 members of the public wish to provide any information related to such scams, please call the Police hotline at 1800-255-0000, or submit it online or dial ‘999’ if urgent Police assistance is required.