Surging Gold Prices Trigger Counterfeit Boom In Thailand Thaiger Police have issued a stark warning about a surge in counterfeit gold following a significant increase in its price. the warning comes after a prominent store suffered a loss of over 8 million baht (us$ 224,000) due to the undetectable blending of gold with other metals using sophisticated techniques. While real gold once traded in the 40,000–50,000 baht range, the new peaks have triggered a wave of shopping for look alike jewelry. blind spots in regulation, consumer desperation, and social pressures have turned fake gold — sometimes called “micron gold” — into a market craze.
Latest Thaiger News Thaiger News The commerce ministry warns the public to purchase gold only from reputable, certified stores, especially as counterfeit gold incidents surge amid rising prices. With the price of real gold jewelry soaring to 60,000 baht per baht weight (approximately $3,780 per troy ounce) yesterday—the highest in history—demand for imitation gold jewelry has surged. In a major fraud bust, officers from the central investigation bureau (cib) raided a gold trading company in central bangkok and arrested two senior executives over a large scale gold investment scam that has defrauded more than 100 victims out of over 600 million baht. Two liberian men have been arrested for stealing us$90,000, or about 3 million baht, from a thai businessman by swapping counterfeit banknotes for genuine ones in a gold selling scam.
107353016 1704179575447 Gettyimages 1868370950 Thailand Gold Jpeg V In a major fraud bust, officers from the central investigation bureau (cib) raided a gold trading company in central bangkok and arrested two senior executives over a large scale gold investment scam that has defrauded more than 100 victims out of over 600 million baht. Two liberian men have been arrested for stealing us$90,000, or about 3 million baht, from a thai businessman by swapping counterfeit banknotes for genuine ones in a gold selling scam. The unprecedented rise in thai gold exports to cambodia amid allegations of corruption and money laundering demands urgent, comprehensive investigations coordinated at regional and international levels. Each baht of gold thailand’s traditional gold unit weighing 15.244 grams of 96.5% purity has become prohibitively expensive for average consumers. this surge has triggered an unexpected boom in the imitation gold jewelry market, known locally as ทองไมเกรน or “gold plated jewelry.”. As for the problem of counterfeit gold, the gold traders association has coordinated with relevant agencies cooperate in the inspection and urge association members to be more careful. Bangkok (the nation asia news network): thai police say they have busted a 1.2 billion baht (us$33 million) online gold investment scam run by four chinese nationals and 22 thai accomplices.
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