About 20 gold traders have filed complaints against a gold trading company with the Consumer Protection Police Division (CPPD), accusing it of cheating them out of about a billion baht in gold ingots and cash.
Panthep Puapongpan, Dean of Oriental Medicine at Rangsit University, led the alleged victims in the filing of the complaint.
He said that the trading company, SCT, had its head office in Bangkok, with three branch offices in Nakhon Ratchasima. All of them have, however, closed down and their management cannot be contacted or located.
Panthep disclosed that SCT had invited investors, mostly small gold shop-owners, to sell their gold to them at higher than market prices, or to buy gold from the company at lower than market prices.
The company also accepted gold from investors as guarantees, so they could buy gold from the company at lower prices on 21-day payment terms.
He said that those who purchased from SCT did not receive the gold, while those who deposited gold with the company have been unable recover it.
About two weeks ago, some of the alleged victims filed complaints with the Central Investigation Bureau and a working committee has been set up to look into this case.
