Scam Alert: PMMC Cautions Against Gold Scam Schemes

The Precious Minerals Marketing Company (PMMC) has issued a stern warning to the general public regarding the surge in gold scam schemes that are defrauding unsuspecting individuals of their hard-earned money.

In a public notice, Nana Akwasi Awuah, the Managing Director of PMMC, expressed deep concern about the evolving tactics employed by unscrupulous individuals to perpetrate these scams. He assurer in the statement that PMMC had taken proactive measures to alert the public to these fraudulent activities.

Modus operandi

The statement said the primary method used by these gold scammers is the presentation of fake photographs and videos showcasing gold that is purportedly available for sale. Regrettably, it noted that upon closer inspection, it is discovered that some of these gold bars are, in fact, gold-plated tungsten, a far less valuable metal.

The statement disclosed that the scammers exploit these deceptive visuals to lure unsuspecting victims into believing they are purchasing genuine gold.

It added that once the victims are convinced of the authenticity of these fake gold bars, the scammers request significant sums of money to cover the transportation of the gold from remote mining sites or specific locations to Accra.

However, the PMMC hinted that once the money for the supposed transportation is sent, a barrage of excuses follows, causing delays and uncertainties. These excuses serve as pretexts to extract even more money from their victims.

In addition to this tactic, the PMMC pointed out that the scammers employ a more sinister strategy: they export a small quantity of authentic gold to gain the trust of their victims and to demonstrate their capability to supply larger quantities.

Once the victim’s trust is secured, the scammers demand additional funds, and when they receive the money, they vanish, leaving their victims deceived and empty-handed.

Caution

The PMMC emphasised the need for the general public, especially individuals with an interest in purchasing gold, to exercise extreme caution to protect themselves from falling prey to these fraudulent schemes. It surged prospective gold buyers to conduct thorough due diligence to ensure they are receiving value for their money.

“The age-old adage “caveat emptor,” or “let the buyer beware,” should always be followed. In order to safeguard their gold transactions and to prevent falling victim to these scams, prospective buyers are advised to contact the National Assayer, a trusted authority in the evaluation of precious minerals. The National Assayer can provide an additional layer of security to gold purchases, offering expert oversight and verification.

For any inquiries or assistance, individuals can reach out to the PMMC through their official website at www.pmmc.gov.gh or contact them via email at info@pmmc.gov.gh. Alternatively, they can be reached by phone at 030 295 3279 or 030 295 3284.