MCX cautions investors against fraudulent online gold investment schemes

Our Bureau | | Updated on: Jul 15, 2022

Clarifies that it does not offer any online gold scheme

MCX, the country's largest commodity exchange, has warned investors not to get trapped in the fraudulent gold investment schemes run by unscrupulous online websites using its brand name.

"It has come to our notice that certain unscrupulous elements under the name ‘Gold-Master’ are offering investment schemes with assured returns and are misusing the MCX name and trademark," said the exchange in a statement on Friday.

The exchange cautioned against such investment deals and schemes that fraudulently invoke MCX’s name or claim to be affiliated with it, it added.

MCX has clarified that it has not associated with DBS Bank in Singapore for any wealth management activities, nor does it have any relationship, whatsoever, with Gold-Master, it added.

MCX said Gold-Master is neither registered as a member of the exchange, nor is it an ‘Authorized Person’ of any registered member of the Exchange.

"Investors are cautioned and advised not to subscribe to any scheme and product by any entities offering assured and guaranteed returns, which are prohibited by law," said MCX.

Published on July 15, 2022
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