Dear Mr Tan
I received a call from company X telemarketeer inviting me to attend
their Gold seminar and that they are regulated by MAS. I am required
to attend a 1 hour talk afterwhich I will be given a $400 voucher
which needs minumum purchase of $1000 for redemption. (Crazy)
Attended the seminar, very impressive as Company has Top 100 SME
AWARDS, pictures of political and influential people with the boss
which indirectly shows endorsement and write-up by media.
It seems the company is trading in gold and the GST on this trading will
be waived in October. They said that Singapore planning to be GOLD HUB
and that is why so many endorsement.
Processes: You buy 1kg gold for $91,000. You have to put in a deposit of
$2000 on the order and pay in full ti complete the contract. On full payment, you are
given a gold bar. From the 1st month, 2nd month and 3rd
month you will be given 1.7% ie $1,500 every month. After the 3rd
month you can extend and being paid again for the next 3 months. This
can be renewed quarterly.
If you return the Gold bar to them they will pay you back your
$91,000. The price of the Gold Bar is @ 20% higher than market price
and that is why they are able to pay the 1.7%.
It is very strange, investment amount is huge ie $91,000 or more,
attracting retirees and those with money.""
Annoymous
I received a call from company X telemarketeer inviting me to attend
their Gold seminar and that they are regulated by MAS. I am required
to attend a 1 hour talk afterwhich I will be given a $400 voucher
which needs minumum purchase of $1000 for redemption. (Crazy)
Attended the seminar, very impressive as Company has Top 100 SME
AWARDS, pictures of political and influential people with the boss
which indirectly shows endorsement and write-up by media.
It seems the company is trading in gold and the GST on this trading will
be waived in October. They said that Singapore planning to be GOLD HUB
and that is why so many endorsement.
Processes: You buy 1kg gold for $91,000. You have to put in a deposit of
$2000 on the order and pay in full ti complete the contract. On full payment, you are
given a gold bar. From the 1st month, 2nd month and 3rd
month you will be given 1.7% ie $1,500 every month. After the 3rd
month you can extend and being paid again for the next 3 months. This
can be renewed quarterly.
If you return the Gold bar to them they will pay you back your
$91,000. The price of the Gold Bar is @ 20% higher than market price
and that is why they are able to pay the 1.7%.
It is very strange, investment amount is huge ie $91,000 or more,
attracting retirees and those with money.""
Annoymous
MY VIEW
This is similar to other schemes. In effect, you are giving away $18,000 (i.e. the
difference between your investment of $91,000 and the actual value of the gold)
to receive $1,500 a month. While this look like an attractive investment, you do not
have any security for the ïnvested sum"pf $19,000 and the company could fold up at
any time. They are able to pay you the monthly return of $1,500 so long as they get
more people investing than withdrawals, and they are cash flow positive.
This is likely to be a ponzi scheme, where the investments made by the subsequent
investors are used to pay the earlier investors. Like any ponzi scheme, it has a high
risk of being fold up.
:.
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