3 Chinese nationals arrested for suspected fake gold ingot scam

Police held a press conference on Wednesday on fake gold scam where 3 persons have been arrested. Fake gold ingots and documents seized.

SINGAPORE - Police arrested 3 men on Tuesday for suspected involvement in a fake gold ingots scam.

The men, who are reportedly all Chinese nationals aged between 37 and 44, will be charged in court on Thursday.

The suspects claimed to have found gold ingots while excavating the ground at an unknown site in Singapore.

According to local police, they tried to sell the ingots to a 60-year-old businessman at an attractive price. They even produced a document which looked like an old will, as well as a piece of the gold ingot, in their attempt to deceive the buyer and encourage him to make authentication checks with goldsmith shops if he didn't believe their story.

After negotiating a price of $180,000, the suspects left the buyer to decide, reported The Straits Times. As the businessman was unsure of the deal that seemed too good to be true, he made a police report.

A team of officers conducted extensive enquiries into the case and arrested two of the suspects and their accomplice. The police also seized over 200 pieces of mini gold-coloured ingots and six yellow gold-coloured mini Buddha statues, along with a piece of paper with Chinese writings.

If convicted, the suspects may face a jail term of up to 10 years and be fined.