Three men arrested for conspiracy to commit fraud

Police arrested three men, aged 52 to 62, on suspicion of conspiracy to commit fraud involving the use of fake gold bars.

On June 19, 2024, at approximately 3:15 p.m., police received a report that the victim had been defrauded of $4,000 after two men gave him gold bars for safekeeping. Initial investigation revealed that on June 19, 2024, at approximately 1 p.m., the victim was approached on Tras Street by two men who claimed to have found gold bars while digging in the ground at an unknown location in Singapore.

The men said they wanted to send the gold bars back to China but were unsure of the legal process, so the victim was offered to hold the gold bars and provide them as collateral in cash. The men also presented a document written in old Chinese scripts, resembling the old testament, as well as a small gold bar. The victim then brought the two men to a goldsmith shop on Eu Tong Sen Street to verify the authenticity of the small piece of gold bar, and it was confirmed to be genuine. After confirming the gold was authentic, the two men took the real gold bar, gave the victim other alleged gold bars and ordered him to pay $4,000 as security. The victim went to the same goldsmith shop to further authenticate the remaining gold bars and found out that the gold bars were fake. When she realized that she had fallen victim to fraud and discovered that the two men had left the apartment, she notified the police.

Thanks to the ground investigation and images from PolCam and CCTV cameras, officers of the Police Headquarters established the identity of both men and on June 20, 2024, detained them on Aliwal Street. During further investigation, the officers also detained another accomplice and confiscated a number of exhibits, including over 80 pieces of gold-colored mini bars, a sheet of paper with Chinese inscriptions and six gold-colored mini Buddha statues.

On June 22, 2024, three men will be charged in court with conspiracy to commit fraud under Art. 420 in connection with Art. 109 of the Penal Code No. 1871, which is punishable by imprisonment for up to 10 years and a fine.

The police appeal to citizens to beware of this type of fraud. To avoid falling victim to such fraud, citizens are advised to adopt the following crime prevention measures:

1. Always buy from established and authorized/reputable retailers. Beware of offers that sound too good to be true; AND
2. Use a professional to verify the authenticity and value of any high-value items you intend to purchase before making a payment.

Photos of exhibits from the case

Mini gold bars ▼

Close-up of a mini gold bar ▼

Buddha minifigures in gold ▼

Close up of a golden mini Buddha statue ▼