Gold scam in Malaysia under probe
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Bank Negara, the central bank of Malaysia, and police are investigating a cheating case involving a local bank which lost 75 million ringgit (Bt746 million) after it bought fake gold.
The scam was carried out recently by individuals through the Islamic pawn-broking (Ar-Rahnu) service provided by the bank at several of its branches.
A local daily reported the gold was discovered to be fake following an asset evaluation by the bank, which subsequently lodged five police reports.
Commercial Crimes Investi-gations Department Director Commissioner Syed Azizan Syed Ismail confirmed his department was investigating the case. “We have received several reports on the matter,” he said.
It is also believed that a few individuals working in the bank have been detained to assist in investigations.
When contacted the bank declined to comment.
Jeweller Steven Siow said that to the untrained eye, it would be difficult to differentiate real from fake gold. However, he said, experienced jewellers were able to detect real from fake gold by its weight.
“Real gold is very heavy, while fake gold is usually a mix of metals coated with a thin layer of gold which is a lot lighter,” he said.
