Pecohub Two Singaporean men have been sentenced to jail for selling fake gold bars in exchange for Rolex watches, causing the victim a loss of SGD30,000 (US$23,600).
Daniel Lim Chin Teck, 27, on Friday pleaded guilty to two charges, including one count of cheating, and was sentenced to 16 months in jail with a fine of SGD200, according to The Straits Times.
Shah Faeez Shahrom, 27, who worked for Lim as a runner, also pleaded guilty to cheating and received nine months and two weeks in jail time
Their co-conspirator, Wilderic Chan Weibin, 24, has not been found guilty, but will return to court later this month after being charged with cheating and possessing a weapon in a public space.
The court said that Lim and Chan in 2024 ran the scam, recruiting Shah as their runner.
Lim and Chan bought fake gold bars online and listed them on e-commerce platform Carousell, offering the 100-gram bars for SGD10,000 each while claiming they were genuine gold.
The pair later came across a Carousell profile selling Rolex watches. They contacted the seller and proposed trading three gold bars and SGD4,000 in cash for three Rolex watches, which were valued at SGD30,000 in total.
The seller agreed, and Shah was sent to carry out the transaction on July 11, 2024. The following day, Chan sold all three watches at various watch shops for a total of SGD25,500, with the trio splitting the proceeds among themselves.
The victim only discovered he had been cheated when he later attempted to sell the gold bars at a pawnshop and was told they were fake.
The prosecution said the man suffered losses amounting to SGD30,000 as a result of the scam.
