Hundreds of Kenyans are falling to gold scam syndicates following their ignorance about how the precious metals business is run. The scam is prevalent since a number of people seeking to buy the precious metal opt for underhand dealings to avert taxation. He said gold has a ready market worldwide hence anyone purporting to sell to a buyer locally is just but out to defraud ill-informed citizens. Mwangi cited a case of a tube purported to be gold from South Africa, which was circulated in Nairobi and of which some senior officials and bankers were conned. His sentiments followed the arrest of 15 people linked to a scheme where a member of the Saudi royal family was conned of Sh250 million by fraudsters posing as gold dealers.

Source: The Star May 15, 2019 04:52 UTC