How Gold business as turned out to be a high risk venture of losing money

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Gold Business was one among the lucrative businesses which was being carried out by tycoons.

High end individuals with deep connection to the state were the one doing the business. But right that is no more.

A syndicate of fake gold has stormed our country that someone buying gold is compared to as someone guessing on a bet.

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Due to that the government has decided to respond.

Via twitter on Friday, boss George Kinoti urged Embassies and High Commissions to advise their nationals coming in for business.

“The Gold Scam has now reached alarming levels as unsuspecting foreign nationals are being swindled large amounts of money by fraudsters,” he said.

Kinoti said Kenyans and foreign nationals must ensure that they conduct proper due diligence on the person(s)they intend to engage in the gold buying business.

The police boss said foreigners should first contact the Dep’t of Mines and Geology for procedure that pertains to buying and selling of Gold and other Precious metals.

Seven metal bars suspected to be gold seized by the DCI./ COURTESY

“They are to be apprised of the Con business of gold going on in the country,” Kinoti said.

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