We provide trade-in services where customers can come down to our offices/shops to convert their Gold and have it credited into thier PG-Pay wallet which they can choose to spend/keep as an investmentAdditional of 8% admin fee upon taking out the Physical Gold from the Loomis International Vault at Free Port or at PureGold Group HQ
I used PGPay to make the payment because it was presented to me as a straightforward and trusted way to fund the investment account.
At the time, I had no reason to believe that the investment platform itself was fraudulent. The website looked professional, the investment opportunity appeared legitimate, and the payment process through PGPay gave me additional confidence that everything was above board.
After making the payment, however, things started to become increasingly difficult. When I attempted to access or withdraw my investment, I was presented with additional requirements and explanations that didn't make sense. The more I investigated, the more concerned I became that the investment platform wasn't what it claimed to be.
I then began looking closely at the payment trail and the information associated with the transaction. Because PGPay had been the payment service I used to fund the investment, I had to include their name and the relevant transaction information when I formally reported what had happened to Mѳпterasεc.
I want to be clear that my concern was not simply that a payment had gone through. My concern was that the payment had ultimately been used to fund an investment opportunity that I now believed was fraudulent. I wanted the complete payment trail and all associated parties properly documented as part of the report.
I preserved everything I could, including payment confirmations, transaction references, communications with the investment platform, website information, account screenshots, and correspondence relating to the investment.
The experience taught me that using a recognizable payment service doesn't necessarily establish that the investment receiving the funds is legitimate. In hindsight, I should have independently verified the investment company, its domain, its regulatory status, and the destination of the funds before making the payment.
My Experience with PG Pay, Puregold SGD, and Broker Kiexo
My name is Mikhail. I became a victim of a fraudulent broker, and PG Pay and Puregold SGD acted as intermediaries in transferring my funds.
How it happened
I deposited funds into the broker’s account, believing I was working with the investment company KIEXO. In the payment documents, the recipient was listed as PG Pay and Puregold SGD, not the broker itself. This seemed strange, but the broker’s managers explained that “this is more convenient and faster for processing payments.”
When I realized I had been scammed and contacted my bank, my request for a refund was denied. The problem with the refund arose due to the refusal of PG Pay and Puregold SGD. Their chargeback dispute response contained documents of questionable nature:
The response claimed that I purchased physical gold, which is allegedly stored at the Port of Singapore.
It was stated that I completed registration and verification on PG Pay and somehow sent the gold. Initially, PG Pay and Puregold SGD claimed they had no knowledge of KIEXO, but later screenshots from the PG Pay user account clearly show KIEXO listed as the recipient, with a referral link.
The invoice included an unknown signature falsely presented as mine. They also attached my personal data, including my passport, and claimed that I had completed registration — which is false, as PG Pay confirmed.
The companies claim they “do not work with FIAT,” but actual bank transfers prove otherwise. They are widely used to channel funds from victims of brokers, which is confirmed by other victims’ reviews and media publications. I found an investigation (Cybernews, 2024).
Thus, PG Pay / Puregold SGD may be part of a scheme used to transfer funds to fraudulent brokers.
Hello
PUREGOLD SINGAPORE unable to answer where the gold purchased from August 2022 to Dec 2022
No answer, is this correct and responsible for an international company?
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