Tag - Fraud

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Sunday, January 8 2017

SBU seizes certificates for 400 kg of gold from officials of one of Ukraine’s agriholdings

The SBU Security Service of Ukraine in a massive raid have seized 60 kg worth of gold bars and gold certificates for 400 kg of gold at the premises of the officials of one of Ukraine’s agricultural holdings.

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Saturday, December 31 2016

Is my gold safe? Day after heist, customers lay siege to Muthoot

A day after fake CBI officers struck the Muthoot Finance branch in Hyderabad, dozens of people thronged the place to know when they can get their precious yellow metal back.

The anxious people were greeted with two notices, one which is posted outside the Muthoot building on a rock and other near the stairs. It was written by the Muthoot Finance branch manager M Venkata Reddy on his letterhead and it was addressed to police insopector, RC Puram.

"The quantity of gold which has been stolen from Muthoot Finance on December 28, will be returned to the respective customers within 10 to 30 days. While returning, the gross weight of the item will be considered and based on customers requirement they can either opt to get equivalent money or gold pledged," the letter read.

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Friday, December 30 2016

Gold Smuggling Soars, Using Classic Tricks

The Korea Customs Service announced Thursday that gold smuggling has risen rather dramatically since 2011, with 99 cases last year worth 9.1 billion won ($7.5 million) in total value.

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Wednesday, December 28 2016

Gold scam a $610m hit to taxpayers as ATO tries to stop GST fraud

A national gold scam has cost taxpayers at least $610 million in lost revenue as the Australian Taxation Office struggles to stamp out criminal syndicates defrauding GST in the multi-billion-­dollar industry.

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Saturday, December 24 2016

High-quality counterfeit gold bars sold in Winnipeg and other Canadian cities, police say

If you're planning on buying gold bars anytime soon, Winnipeg police are advising extra caution after a series of "suspicious transactions" at locations in the city.

The transactions took place on Nov. 30 at a number of pawn shops and gold buyers, police said, involving the sale or pawning of counterfeit one-ounce gold bars.

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Monday, December 12 2016

Armed thieves steal €2.5 million in gold in central France

Armed gunmen are on the run after pinching 70kg in gold from an armoured van, according to reports.

The Loomis security van was robbed on Monday morning near central France's Lyon, reported the BFM TV news channel.

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Wednesday, November 30 2016

Caught On Tape: Man Steals $1.6 Million Bucket Full Of Gold In Midtown Manhattan In Broad Daylight

Police released footage on Tuesday of what may be the luckiest theft in recent history. In the clip, a man brazenly swipes an 86-pound bucket full of gold worth $1.6 million from the back of an unattended armored truck on West 48th Street in the Diamond District on Sept. 29, in broad daylight, as tourists and locals were walking in and out of the jewelry stores that line the block.

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Tuesday, November 15 2016

Bullion firm in money laundering probe

A prominent British gold bullion firm with links to Formula 1 has been drawn into a probe into potential money laundering.

Mayfair-based Stunt & Co is under investigation by West Yorkshire Police’s Economic Crimes Unit, The Mail on Sunday can reveal.

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Friday, October 14 2016

Perth Mint ‘tests out’ Indian gold import excise rort

The Perth Mint sent an estimated $1 billion worth of gold to India for refining without the ­apparent consent of its Australian customers, with the West Australian government-owned refiner being dragged into a court case examining the alleged rorting of an Indian excise rebate scheme.

The Weekend Australian can reveal that the Mint arranged for semi-refined gold — or dore — from its mining customers to be sold to a third party for export into India to “test out” an Indian excise scheme. This is despite the Mint having earlier complained to the Indian and Australian governments about the “unfairness” of the excise discount.

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Tuesday, October 4 2016

Many Mint workers fired for suspected theft, “gold-in-rectum” trial hears

Sevigny told the trial he knows of about five occasions in which employees have been caught attempting to exit with small amounts of gold.

“I’ve caught people stealing in the sense that we didn’t have the grounds to call the police but we’ve terminated lots of people for attempting to take out precious metal,” he told Justice Peter Doody.

“Embedded into people’s access cards, in their pockets, in makeshift pockets that people have built in their pants, all sorts of places,” he elaborated.

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Wednesday, September 21 2016

Canadian Mint employee accused of smuggling $180K of gold in rectum

An employee of the Royal Canadian Mint allegedly smuggled about $180,000 in gold from the fortress-like facility, possibly evading multiple levels of detection with a time-honoured prison trick.

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Thursday, June 23 2016

Mint worker admits stealing 15-kg gold ingot to cover debts

A Japan Mint worker is accused of swiping a 15-kilogram gold bar valued at 63.84 million yen ($610,000) from under the noses of his colleagues--and getting away with it for almost five months.

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Tuesday, June 14 2016

Glitters, but Not Gold: Fake Gold and Silver Coins 'Flooding' Market

In these uncertain economic times, you don't have to be a miser to consider putting some of your money into precious metals, and gold and silver coins are an easy way to do that.

But this increased demand for bullion coins — like the American Eagle, South African Krugerrand and Canadian Maple Leaf — has created a golden opportunity for forgers.

Counterfeit coins are "flooding the market at an astonishing rate," and compromising the investments of collectors, according to the American Numismatic Association (ANA).

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Thursday, May 26 2016

City of London gold scam: US fraudsters stole $7m from 400 victims in boiler room ruse

Four American con artists have been jailed for stealing $7m (£4.7m, €6.2m) from hundreds of investors in a boiler room scam that promised to mine huge amounts of gold out of Nevada and Montana.

More than 400 victims had invested in Own Gold LLC, which used boiler rooms based in Spain to cold-call victims on both sides of the Atlantic.

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Tuesday, May 24 2016

Northwest Territorial Mint Scandal: Investors Had Fair Warning on This Blowup As Well

The news unfortunately just keeps getting worse for customers and creditors of Northwest Territorial Mint. The prominent bullion dealer located near Seattle, Washington filed for bankruptcy court protection at the end of March. The losses of customers who never received delivery of orders plus the losses of other creditors could be as high as $50 million, according to news reports.

Calvert believes the funds received for new orders were used to buy metal needed to deliver orders placed long before. If that's the case, the mint was effectively borrowing money from its hapless customers to finance its business. And this practice may have been going on for as long as a decade. Yet, remarkably, customers continued to do business with the mint even as most other precious metals dealers across America make immediate delivery.

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Saturday, May 7 2016

A Cartel and a Briefcase: How Drug Cash Moves on a River of Gold

Mexican drug cartels operating in the U.S. have a problem: getting the profits home. Sometimes they try sending cash through banks, but that’s grown difficult as the government forces financial institutions to beef up anti-money-laundering efforts. So at least one international organization moved its money on a river of molten gold.

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Wednesday, April 6 2016

Two traders fined over gold spoofing

A US financial regulator has slapped two more traders with fines in a widening crackdown on “spoofing,” a form of market trickery.The traders, Heet Khara and Nasim Salim of the United Arab Emirates, were each ordered to pay more than $1.3m in civil penalties to settle charges that they spoofed New York gold and and silver futures markets, the Commodity Futures Trading Commission said.

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Saturday, April 2 2016

West Coast Mint Files for Bankruptcy After Losing Defamation Suit

Northwest Territorial Mint LLC put its coin-and-medallion-making operations into bankruptcy on Friday, facing a demand to pay part of a $38.3 million defamation award—one of the country’s largest Internet defamation verdicts—to a Los Angeles businessman and his real-estate firm.

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Wednesday, February 24 2016

In Disturbing Twist, Canadian Bullion Dealer Offers To Pay Interest On Gold And Silver

At least the company is honest and warns you upfront that the gold you "receive" may not be the exact bullion you purchased, in other words this is nothing but the first incarnation of a bullion dealer rehypothecation scheme.

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Sunday, December 27 2015

Dubai gold website launches legal action amid claims of fraud, mismanagement

The acting management of a dormant gold trading company in Dubai has filed a lawsuit against its predecessors amid allegations of fraud and mishandling of funds that has reportedly left investors millions of dollars out of pocket.

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