PMMC warns of rising gold scams

The Precious Minerals Marketing Company Limited (PMMC) has alerted the public to the growing prevalence of gold scams in the nation and advises them to exercise care.

PMMC claims that the majority of the time, gold fraudsters show fictitious images and videos of gold that is for sale.

“Some of them eventually turn out to be gold-plated tungsten,” the PMMC said in a statement.

“The fraudsters are able to convince their victims to provide huge amounts for the purposes of transporting the gold from the mining sites or specific locations to Accra for a 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 the delivery of the gold,” the statement said.

Furthermore, the con artists export a few grams or a kilogram of gold in order to gain the faith and confidence of their victims as well as demonstrate their ability to provide bigger quantities.

After gaining the victim’s trust, the con artists demand enormous quantities of money, at which point they vanish, leaving their victims angry.

The message cautioned the general public and those considering buying gold to exercise caution and avoid falling for the con artists’ deceptive methods.

It is advised that potential purchasers of gold carry out their own research to make sure they are receiving a good deal.

“At all times the usual caveat emptor precautions should be adhered to,” the statement added.

The sole recognized national assayer, PMMC, was urged to oversee gold purchase transactions by potential purchasers in a statement signed by PMMC’s Managing Director, Nana Akwasi Awuah.

According to the Observatory of Economic Complexity, it has been the center of a multibillion dollar business in recent years, accounting for almost half of the nation’s exports.

However, this abundant resource has also drawn a network of con artists who defraud purchasers of their money by assuming the identity of reputable gold dealers.