Published by BuyGold.sg | Gold Testing Services, Singapore
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Singaporeans Duped by $9,000 “Too-Good-To-Be-True” PAMP Suisse Gold Bar Scam

A troubling gold scam has surfaced in Singapore, targeting unsuspecting buyers seeking a bargain on premium gold bullion. Between July 10 and July 14, 2024, multiple victims were deceived into purchasing counterfeit 100g PAMP Suisse gold bars listed for sale on Carousell — at the suspiciously low price of S$9,000 each.

This price point was significantly below the actual market value. At the time, the spot price for 100g of 999.9 fine gold exceeded S$10,500, making the deal appear too attractive to pass up for inexperienced investors. The scam exploited the growing interest in physical gold amid rising prices, especially among retail buyers looking for “private seller” discounts.

The fraudulent listings were orchestrated by a young local syndicate, who falsely claimed the bars were sealed, authentic, and came with matching certificates. Victims were persuaded to meet in person for the transactions — a common tactic used to avoid detection and appear legitimate.

Following several police reports, the Singapore Police Force acted swiftly, arresting three men on July 15, 2024, in connection with the scam. Investigations confirmed the bars were fake imitations, likely produced with high-grade counterfeiting techniques aimed at mimicking genuine PAMP Suisse packaging and hallmarks.


Victims Discovered the Truth Too Late

Several buyers who fell for the scam brought the bars to Maxi-Cash pawnshops or licensed gold dealers — only to be told they were fake.

The counterfeit bars often had:

  • Accurate-looking PAMP Veriscan packaging
  • Fake cert numbers
  • Fake holograms
  • Plated brass/tungsten cores inside

Some bars even passed basic magnet and weight tests — but failed professional testing.

How These Fakes Pass Visual Inspection

These fake bars were mass-produced, often overseas, and sold in bulk by syndicates on Telegram or WhatsApp before listing on Carousell. They typically:

  • Match the size and weight of real PAMP bars
  • Use replica packaging with fake seals
  • Contain plated metal that mimics real gold on the surface

Unless you use a PMV Pro scan or XRF composition analysis, fake gold bars can be almost indistinguishable from the real ones. Planning to sell PAMP gold bars in Singapore? Don’t skip proper testing. We offer high payouts for gold that’s verified and authenticated through professional methods. Always test your gold before selling in Singapore to ensure authenticity and avoid costly scams.

Our Testing Services Catch These Scams Instantly

At BuyGold.sg, we help the public avoid costly scams with:

✅ PMV Pro (Precious Metals Verifier) – tests through packaging

✅ Niton XL2 XRF Analyzer – reveals the metal content inside

✅ No need to unseal the bar – non-invasive testing

 

Real Case Reference Image


Image: Example of plated gold bars that resemble real 999.9 fine gold packaging. (Stock image only)

Red Flags You Should Watch For

  • Price is below spot or too good to be true
  • Seller refuses to meet at a licensed shop
  • Seller insists on home meetup or fast cash sale
  • Listing photos look copied from other sellers

Buyer Tip

If you're not 100% sure, always test before you pay. Never assume gold is genuine just because it comes in sealed packaging or has a receipt. Many victims only discover they were scammed when they try to sell gold safely. At BuyGold.sg, we help them recover what’s possible through proper testing. To avoid fake bar syndicates, always deal with a licensed gold buyer in Singapore.

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