Three men, aged 22 to 25, were arrested by the Singapore Police Force (SPF) for their suspected involvement in a series of fake gold bar scams.

The men allegedly attempted to scam victims by selling the fake gold bars online via Carousell, SPF said in a news release on Jul. 16, 2024.

At least three victims were scammed

SPF received at least three reports of victims who engaged in transactions via Carousell to purchase gold bars between Jul. 11 and Jul. 14, 2024.

The victims later allegedly discovered they were scammed.

One victim realised they were allegedly deceived after attempting to authenticate the gold bar at a goldsmith shop.

Learning the gold bar was a counterfeit, they reported the matter to the police.

Transactions amounted to about S$20,000 for the gold bars.

A branded watch valued at about S$35,000 was also allegedly given in exchange for the fake product.

SPF arrested three men on Jul. 15, 2024

SPF established the identities of the three men and arrested them on Jul. 15, 2024, through follow-up investigations.

Cash amounting to at least S$3,800, several documents, and over three pieces of gold-coloured bars were seized as case exhibits, SPF said.

22-year-old man to be charged in court on Jul. 16, 2024

The 22-year-old man will be charged in court on Jul. 16, 2024, with the offence of conspiracy to commit cheating.

Such offence may lead to imprisonment for up to 10 years and a fine.

The other two men, both aged 25, are assisting with investigations.

The police urged members of the public to be wary of such scams and advised them to adopt the following crime prevention measures:

1. Always buy from established and authorised/reputable retailers. Be wary of offers that sound too good to be true.
2. Enlist a professional’s assistance to verify the authenticity and value of any high-value items you intend to purchase before making payment.

Mothership has contacted Carousell for comment.

Top photos courtesy of SPF.