Actions taken against 42 precious metal scams since 2019, says KPDNHEP

Actions taken against 42 precious metal scams since 2019, says KPDNHEP
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KUALA TERENGGANU (Oct 18): The Domestic Trade and Consumer Affairs Ministry (KPDNHEP) has taken action against 42 cases linked to precious metals scams in the country since January 2019 to October this year.

KPDNHEP enforcement director Azman Adam said it included fraud cases involving online purchase of gold at below-market prices.

He said the 42 cases involved seizures totalling RM53,463 with compounds worth RM7,700 and fines of RM20,000 imposed on individuals and companies involved.

"This year alone, we have received 11 complaints and nine have been subject to action under Trade Descriptions (Articles Made of Precious Metals) Regulations 1994 and the Trade Descriptions Act 2011.

"We will intensify monitoring and enforcement action to ensure fraud does not occur and the law is adhered to,” he said after conducting a check on precious metals at several premises selling gold around Kuala Terengganu on Monday.

Terengganu KPDNHEP director, Saharuddin Mohd Kia was also present.

In other developments, Azman said the ministry was negotiating with 35 distributors and importers of Covid-19 rapid test kits (RTK) about the suggested price reduction for the product.

For the time being, however, the ministry is encouraging all companies involved to conduct a self-review to reduce the sale price without any government intervention.

"Last week, we brought in nearly 9 million units of RTK to the local market and the total might reach tens of millions, as there are eight other companies that have yet to receive supplies from abroad.

"At the ministry, we are still conducting studies on prices and the minister will announce the results at the appropriate time,” he said.