Unauthorised gold traders 'dupe Malaysians'

Tens of thousands of people have already sunk money into blacklisted companies promising large returns.

    Gold trading is unregulated in Malaysia and the central bank says more than 20 so-called gold investment companies are involved in making unauthorised transactions.

    Although they have been blacklisted, tens of thousands of people have already sunk their money into these companies.

    The bank says it suspects any money they receive in return is not made from gold trading, but from other investors' payments.

    However, the bank's decision to seize four of the companies' assets has angered investors.

    They are planning a rally later this week demanding the return of their gold and their money.

    Al Jazeera's Florence Looi reports from Kuala Lumpur.

     

    SOURCE: Al Jazeera


    YOU MIGHT ALSO LIKE

    Double standards: 'Why aren't we all with Somalia?'

    Double standards: 'Why aren't we all with Somalia?'

    More than 300 people died in Somalia but some are asking why there was less news coverage and sympathy on social media.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    Kobe Steel: A scandal made in Japan

    Kobe Steel: A scandal made in Japan

    Japan's third-largest steelmaker has admitted it faked data on parts used in cars, planes and trains.