Three Men Arrested For Series Of Fake Gold Bar Scams

The Police have arrested three men, aged between 22 and 25, for their suspected involvement in a series of fake gold bar scams.

Between 11 and 14 July 2024, the Police received at least three reports of victims who engaged in transactions via Carousell for the purchase of gold bars and subsequently discovered that they were scammed. Transactions amounting to about $20,000, and a branded watch valued at about $35,000, were allegedly exchanged for the gold bars. One victim, upon completing the transaction, attempted to authenticate the gold bar at a goldsmith shop and the gold bar was found to be fake. The victim then reported the matter to the Police.

Through follow-up investigations, officers from Central Police Division established the identities of the three men and arrested them on 15 July 2024. Cash amounting of at least $3,800, several documents and over three pieces of the gold-coloured bars were seized as case exhibits.

The 22-year-old man will be charged in court on 16 July 2024 with the offence of conspiracy to commit cheating under Section 420 read with Section 109 of the Penal Code 1871. The offence carries an imprisonment term of up to 10 years and a fine.

The two other men, both aged 25, are assisting with investigations.

The Police take a serious view of individuals involved in scams and frauds, and perpetrators will be dealt with in accordance with the law. The Police would like to advise members of the public to be wary of such scams. To avoid falling victim to such scam, members of the public are advised to adopt the following crime prevention measures:

1. Always buy from established and authorised/reputable retailers. Be wary of offers that sound too good to be true; and
   
   
2. Enlist a professional's assistance to verify the authenticity and value of any high value items you intend to purchase before making payment.