Fraudsters trick elderly people into leaving gold in forests, public places; should you be afraid Here's how to stay safe

Scammers in Norway trick people into leaving gold in forests and other public places. They promise to keep it safe while its value increases. Instead, the gold disappears, leaving the victims to face heavy losses.

Norwegian banking group Finans Norge says several bank customers have fallen for the trick. Many of the victims are elderly people who have spent large sums of money to buy gold. Cases have been reported in Oslo, nearby cities and Bergen.

Gry Nergard, director of the anti-fraud group, said the first case appeared in the spring. The scam usually starts with a phone call offering to invest in gold. Callers offer safekeeping of precious metals. At the same time, they promise high returns against gold.

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After the victims buy the gold, they are told that a courier will pick them up. Later, the fraudsters claim that the courier cannot arrive as scheduled. They then ask victims to leave their gold somewhere outside for collection.

The promise of safe storage helps fraudsters gain confidence before stealing gold. According to Nergard, banks have limited options other than warning customers against such fraud.

Gold dealer Tavex Gull og Solv has recently dealt with about 20 fraud cases, Bloomberg reported. These cases involved customers who had lost gold over the past few years. However, the company had not heard of him leaving the gold in the forests.

General manager Ronald Sookael said the victims were usually over 60 years old. Some buy certain gold coins before handing everything over to strangers. Scammers promise big returns.

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“Then they come back and tell us that they gave everything to someone and they have nothing left. It’s a very sad story,” Sookael was quoted as saying by Bloomberg.

Some victims were persuaded to buy up to 20 ounces (567 grams) of gold. It is likely to cost the least in the Indian context ₹70 lakhs. Tavex has reduced purchase limits when customers show possible signs of fraud.

Similar scams have caused heavy losses elsewhere, including the United States. New York authorities reported gold bar scams worth over $100 million ( ₹950 crore) over two years. Fraudsters convince elderly people to convert their savings into gold and hand them over.

Finans Norge says Norwegian banks and customers lost 962 million kroner ( ₹980 million) on fraud last year. Banks prevented fraud attempts for more than 3.5 billion crowns ( ₹3,564 million crowns). The group draws attention to forest fraud through a public awareness campaign with banks.

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Safety Tips for Indian Consumers

Frauds reported abroad can offer early warning to Indian families. Criminals reuse familiar tricks, changing names, languages and payment methods.

Norway’s gold scam shows how promises of security can hide theft. Indians should heed this warning without assuming that the same cases already exist here.

Never leave gold outside and give it to unknown collectors. Independently verify companies and discuss unusual requests with trusted family members.

Never share one-time passwords or install apps suggested by unknown callers. If the money goes missing, contact your bank immediately, call 1930 and report it through cybercrime.gov.in.