gold scheme

A 38-year-old woman is now in jail after cheating another woman out of 1kg of gold bars. She did so with a fake investment scheme. On Thursday, the woman in the claim, Rachel Ann Fernandez, was convicted of the scheme on Thursday. She is to serve a seventh-month sentence. She was able to persuade a woman to participate in a fake gold investment scheme. Fernandez was claiming that the bank, DBS was offering a new program.

It was in 2016 that the incident occurred. During the scheme, the victim gave Fernandez over ten 100g bars. She did so under the pretense that Fernandez was going to deposit the gold into a safe at DBS Bank. The gold never saw a day in the safe.

According to reports, there was a promise from Fernandez that the woman would receive a 4 percent monthly return on the gold bars. She was to do so for a three-months investment period. After the three months, she was supposed to receive her gold bars back.

Woman Schemes Person Out Of 10-100g Gold Bars, Now She’s Behind Bars, Herself

Unfortunately, she was only able to receive one month’s return. Also, Fernandez did not return the gold bars after the three months.

As a means to smooth out any concerns, Fernandez would provide screenshots of emails, one supposedly from DBS Group chief executive officer Piyush Gupta. According to the email, the gold bars would be available in November of 2016.

However, after a lengthy investigation, police were able to find that there was no such investment scheme by DBS Bank. Instead, Fernandez chose to pawn off the gold bars the same day she was supposed to bring them to the bank.

She did plead guilty to one charge of cheating. However, another charge off using a forged electronic record was added.