Oh gosh, following the raid on the gold trading firm, Genneva, a few days ago, three similar gold trading companies have also been raided by the authorities.
Worldwide Far East Bhd, Pageantry Gold Bhd and Caesar Gold Sdn Bhd have been raided for suspected illegal deposit-taking. Among others, they are being investigated for money laundering, tax evasion, false description and appointment of unlicensed agents, according to Bank Negara, the national bank.
Investors have cause for worry as investing in gold is not like buying a pentair pool cleaner or some less pricey item. Interests derived from gold investments are usually used to fund children's education and/or medical bills.
All the three companies are located in the Klang Valley, i.e., Kuala Lumpur area.
Related article:
Bank Negara: FAQs on gold firm raids
Oh dear...thank goodness I don't have money to invest. Somebody told me a while back that gold's the best bet... I could have ended up scorched.
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