More than 20 investors who put around $7 million into a gold buyback scheme run by local firm Suisse International are now worried that they cannot get their money back.
Not only is its owner uncontactable, they said, but the company's office at Keypoint in Beach Road has also been closed.
The last message the investors received was from the firm's vice-president, Ms Belinda Hah, in the first week of January. That was when she informed them via SMS that their money was stuck in a transfer to the firm's Hong Kong branch - Suisse HK.
No further details were given on how investors could get their money back. At least three of them have gone to the police, and engaged debt collection agency JMS Rogers to locate Ms Hah.
OTHER MAJOR GOLD SCAMS
THE GOLD GUARANTEE
Investors were offered monthly payouts to purchase gold at a premium from the company, which also had businesses in Thailand, Malaysia and Hong Kong.
In 2013, investors were left in the lurch when payments ceased suddenly and founder Lee Song Teck vanished. They lost tens of thousands of dollars.
GENNEVA GOLD
In 2012, more than 10,000 investors lost their money to Genneva Gold, which was raided by the Commercial Affairs Department.
The company sold gold at a 2 per cent discount to market prices. It promised to buy back the gold 30 or 90 days later.
Investors reportedly poured up to RM10 billion into its Malaysian arm as well.