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Abstract:A fraudulent gold investment scheme has caused significant financial losses for 44 individuals, predominantly housewives, in Kelantan, Malaysia. The victims, collectively, have lost over RM1 million to the scheme, according to the Malaysia International Humanitarian Organisation (MHO).
A fraudulent gold investment scheme has caused significant financial losses for 44 individuals, predominantly housewives, in Kelantan, Malaysia. The victims, collectively, have lost over RM1 million to the scheme, according to the Malaysia International Humanitarian Organisation (MHO).
The organisations secretary-general, Hishamuddin Hashim, revealed that the true number of victims might be considerably higher. He encouraged others who may have been affected to step forward, noting that only a fraction of the potential victims had come forward so far.
The scam was promoted extensively on social media platforms between 2021 and October 2023. It promised high returns by offering gold at below-market prices. Victims were enticed by investment packages that appeared lucrative, especially for those who opted for longer investment periods.
These packages were structured in a way that investors could supposedly lock in gold prices at discounted rates. For instance, a three-month package allowed investors to buy gold at RM300 per gram and sell it at RM400, resulting in an RM100 profit per gram by the end of the term. Similarly, a six-month package claimed to provide higher returns, enabling investors to purchase gold at RM200 per gram and sell it at prevailing market prices, potentially yielding profits of RM200 per gram.
Hishamuddin disclosed that in October 2023, the schemes orchestrator, a man in his late 30s from Kelantan, shifted the promised returns to percentages instead of fixed profits. This alteration coincided with the collapse of the scheme, leaving investors unable to recover their capital or the promised profits.
Such incidents underscore the importance of vigilance in financial investments. Tools like WikiFX offer essential resources for individuals seeking to verify the legitimacy of brokers and investment platforms. WikiFX provides a comprehensive database featuring global broker profiles, regulatory compliance information, and user reviews. This platform helps investors identify red flags, such as unlicensed or suspicious entities, and make informed decisions.
By utilising tools like WikiFX to research a brokers background, investors can better protect their savings and reduce the risk of falling victim to fraudulent schemes. Proper due diligence remains one of the most effective strategies to avoid being misled by promises of quick and high returns.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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