The Commercial Affairs Department (CAD) have charged four women, aged between 36 and 52, who were agents of Genneva Pte Ltd (Genneva), a gold investment company, which sold gold bars under a buyback scheme between 2008 and 2012.
Under the scheme, Genneva sold gold bars to customers and also promised returns of up to 36% on their investment with the company over a contract period. Subsequently, the customers were told to deposit the gold bars with the company for inspection purposes and were promised an equivalent quantity of gold after three working days.
Genneva is believed to have collected around 3,500 kg of gold from the customers and the four agents pawned 31 kg of the gold collected from the customers. They are alleged to have subsequently deceived the pawn shops that they lost the pawn tickets and thereby redeemed the gold.
The four agents have been charged in court for charges of cheating and dishonestly inducing delivery of property under Section 420 of the Penal Code, Chapter 224 and money laundering offences under Section 47(1)(b) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, Chapter 65A on 1 October 2019.
If convicted for cheating, they will face imprisonment of up to 10 years, and shall also be liable to fine. If convicted for money laundering, they will be liable to a fine not exceeding $500,000 and/or to imprisonment for a term not exceeding 10 years.
Source: Singapore Police Force