Fraudsters trick victim out of £5m in bullion-buying scam

FRAUDSTERS are coercing pensioners into buying gold in a new scam, police have warned.

Under the scam, known as courier fraud, individuals are contacted by criminals purporting to be either from the police or from their bank, claiming that the victim’s account has been taken over by fraudsters. The victim is then told to transfer money or buy gold bullion and jewellery to aid an investigation, often with the criminal posing as a courier to collect these valuable items from the victim’s address.

In one case, reported to the City of London Police, a victim lost £5.3million, in another the individual lost almost £2million. Wiltshire Police, which has a dedicated team investigating courier fraud, urged pensioners to be vigilant after a rise in courier frauds in the east and south of the UK. One victim in the region was duped out of £5million by a scammer, while another lost £50,000.

“In the past three months, more than £19.6 million has been lost to courier fraud, with high value gold bullion cases reported in Wiltshire, the Thames Valley, Suffolk, Essex, Cambridgeshire and Hertfordshire,” a Wiltshire police spokesman said.

“On Nov 30, a 91-year-old woman from the Marlborough area tried to withdraw £50,000 from her bank following a phone call claiming to be from London police. Luckily this transaction was blocked by the bank and her son encouraged her to report the incident.”

In all cases reported that featured gold bullion being purchased, the victims are aged between 75 and 91. The spokesman added: “In some cases, criminals have even visited the victim’s home, posing as police officers to collect money, jewellery and bank cards.”

Det Sgt Victoria O’keefe, from the

City of London Police, said: “The victims of this crime are losing significant amounts of money and on some occasions, it amounts to their life savings.

“In many of the recent reported cases, the victims are being encouraged to purchase gold bullion but may not ask to look at it, have no interest in the item or are not able to give a satisfactory reason for the purchase. They may also appear slightly evasive, nervous and will want to buy the item and leave as soon as possible.

“If you are a jeweller or gold dealer, we urge you to look out for the signs of courier fraud. The victims are often told to give cover stories on why they are purchasing the item and they believe what they are doing is legitimate. Another tell-tale sign is that the victim may be on the phone to someone whilst they make the purchase.”

She added: “If any members of the public hear of any friends and family being contacted out of the blue by the police or their bank to make purchases on their behalf, call the police and report it immediately.”