Scammers in Norway are tricking 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 victims facing heavy losses.
Norway’s banking group, Finans Norge, says several bank customers have fallen for this trick. Many victims are older people who spent large amounts buying gold. Cases have been reported in Oslo, nearby towns and Bergen.
Gry Nergard, the group’s anti-fraud director, said the first case had emerged during spring. The fraud usually starts with a phone call offering gold investments. Callers offer the safekeeping of precious metals. At the same time, they promise high returns against gold.
After victims buy gold, they are told a courier will collect it. Later, scammers claim the courier cannot arrive as planned. They then ask victims to leave their gold somewhere outside for collection.
The promise of safe storage helps scammers gain trust before stealing the gold. According to Nergard, banks have limited options beyond warning customers about such fraud.
Gold dealer Tavex Gull og Solv has handled about 20 fraud cases recently, Bloomberg reported. These cases involved customers losing gold during the past couple of years. However, the company did not hear about gold being left in forests.
General manager Ronald Sookael said victims were usually aged over 60. Some buy particular gold coins before handing everything to strangers. Fraudsters promise large returns.
“Then, they come back and tell us they just handed everything over to someone and have nothing left. It’s a very sad story,” Bloomberg quoted Sookael as saying.
Some victims were persuaded to buy as much as 20 ounces (567 grams) of gold. In the Indian context, that is likely to cost at least ₹70 lakh. Tavex has reduced purchase limits when customers show possible signs of being scammed.
Similar fraud has caused major losses elsewhere, including in the United States. New York authorities reported gold bar scams that cost over $100 million ( ₹950 crore) over two years. Fraudsters persuade older people to convert their savings into gold and surrender it.
Finans Norge says Norwegian banks and customers lost 962 million kroner ( ₹980 crore) to fraud last year. Banks prevented attempted fraud worth more than 3.5 billion kroner ( ₹3,564 crore). The group is highlighting the forest scam through a public awareness campaign with banks.
Scams reported abroad can offer early warnings for Indian families. Criminals reuse familiar tricks, changing names, languages and payment methods.
Norway’s gold scam shows how promises of safety can hide theft. Indians should recognise this warning, without assuming identical cases already exist here.
Never leave gold outside or hand it to unknown collectors. Verify companies independently and discuss unusual requests with trusted family members.
Never share OTPs or install apps suggested by unknown callers. If money disappears, immediately contact your bank, call 1930, and report through cybercrime.gov.in.
