Gold scam causes 600,000 euros in losses in Baden

Ten people lost gold and other valuables in a scam in Baden that caused about 600,000 euros in losses, police said, according to ORF. The victims left their items with a suspected dealer but never received the promised bank transfers.

The victims, aged between 50 and 71, responded to advertisements in a daily newspaper and promotional leaflets that offered unusually high prices per gram of gold.

After making appointments for the previous Thursday, they took their precious metal to a purported shop in Baden. Three men examined the items, which the victims then left there. The payment promised for the following day never arrived.

The shop had been rented for only a short time and has since closed, police said.

Police are seeking information about the case. Tips can be given confidentially to Baden police station on 059133 3300.