Yet another gold bar scheme may be in trouble. According to the 02nd September 2011 edition of The Straits Times (Gold bar scheme: 120 fear they may lose $40m), a gold bar scheme located in Rochor Centre is  being investigated by police after a customer claimed to have lost $300,000 that was invested in gold bars. However, many of the investors did not dare making police reports for fear that the company will not return their money. The company is believed to be having cashflow problems.

Investors were promised monthly returns of between 1.5% to 3% and between 7% to 10% if they leave the gold bars with the company.

A 70 year old woman invested $200,000 after being introduced to the scheme by a friend. This amounts to half her retirement money.

The papers reported that the man responsible for the firm was once arrested in ...