Beware of gold scam schemes – PMMC warns

The Precious Minerals Marketing Company Limited (PMMC) has warned the public to be aware of gold scammers who defraud unsuspecting victims of their hard-earned money.

The gold scammers according to PMMC present fake photos and videos of gold available for sale. Some of these eventually turn out to be gold plated tungsten, the PMMC said in a statement.

Using the fake pictures and videos, the gold scammers according to the statement then convince victims to provide huge amounts for the purpose of transporting the gold from the mining sites or specific locations to Accra for the said sale transaction.

Once the money for the supposed transportation of the gold is received by the scammers, various excuses are now given as reasons for their failure to deliver the gold to Accra. The scammers use these excuses to claim more money to facilitate delivery of the gold.

In addition to this tactic, the statement noted that the scammers also export some gram or a kilo of gold, purposely to win the confidence and trust of their victims and also to prove their ostensible capacity to supply larger quantities. Once the victim’s trust is won, demands for huge sums of money are made, after which the fraudsters disappear, leaving their victims frustrated.

The public particularly individuals interested in the purchase of gold have been advised to be extremely cautious so as not to fall prey to these fraudulent schemes.

Prospective gold buyers have been encouraged to conduct due diligence to ensure that they are getting value for money. “At all times the usual caveat emptor precautions should be adhered to,” the statement added.

Prospective gold buyers have, therefore, being advised to contact PMMC, the only recognised national Assayer to supervise their gold purchase transactions.