Over 260 affected and $35 million lost in alleged Suisse International gold buyback scam

Over 260 investors expected a hefty payout at the end of last month after sinking their money into a gold buyback scheme run by local firm Suisse International — but after months of defaulting on payouts, and defecting the stipulated deadline of end-January, they've turned to the authorities to get their money back.  TODAY reports that more than 260 people had turned up at the Police Cantonment Complex to lodge reports with the Commercial Affairs Department (CAD), claiming whopping losses totalling over $35 million.  Suisse International had promised their investors returns of between 20 and 25 percent from selling limited-edition coins made from gold they had bought. All was going well until September last year, when the payouts stopped.  Some hints of Suisse International's duplicity should have been apparent from the start. The firm's general manager (and son of the company's registered owner) Jeffrey Chow is listed as an undischarged bankrupt on the Ministry of Law's website. Also, he told investors that he closed the firm's Singapore accounts and transferred the money to its Hong Kong branch to avoid the Monetary Authority of Singapore's scrutiny.  Police reports were made against him, his father Chow Kin Loo, his sister Chow Wai Ying (also account director) and Belina Hah, a vice-president in Suisse International.  Police are currently conducting investigations  Photo: Suisse International Facebook group