INDIAN GOLD: An investor said that Wang Pai-hung had enticed him and others with promises of up to 36 percent profit and 3 percent bonuses each month

Taipei Times
Date: May 03, 2019
By: Jason Pan  /  Staff reporter

Taipei police are investigating allegations that a self-styled “investment guru” has fled Taiwan after making NT$2.5 billion (US$80.89 million) on claims of the sale of gold in India.

Investigators said that Wang Pai-hung (王派宏), 41, was previously in the real-estate business, but since last year had been promoting gold transactions in India, promising “guaranteed profits of 20 to 36 percent” per year.

Wang told potential investors that he used a proprietary business method, and had operations abroad to grind gold into powder and the international connections to legally transport gold powder to India, where it could be sold at high prices, as gold and gold jewelery are popular as heirlooms and a hedge against currency fluctuations in that nation, investigators said.

Wang had previously called himself an “investment guru” specializing in the real-estate market and had held seminars for more than a decade in cities across Taiwan about buying old houses and apartments for profit, investigators said.    [FULL  STORY]