Eight members of a syndicate that swindled 10 job seekers out of $2.25 million in a scam involving investments in silver were jailed for up to three years and four months yesterday.
The District Court heard the victims went for job interviews at Capital Style Ltd after reading a newspaper advertisement between December 1999 and August last year.
They were told the company was engaged in silver manufacture and traded in watches, garments and accessories. They were offered jobs as receptionist, office assistants, account clerks and odd-job workers.
But when the victims took up their appointments, they found Capital Style to be an investment company. They were induced to open accounts for investment in silver as they were told they would receive a good return on their stakes.
They lost up to $2.25 million and were never provided with transaction records. Later they all became suspicious and made reports to the police. Police first raided the company's office in January last year, but no investment records were found.
The defendants were arrested in July last year after being picked out by the victims at an identity parade at the company, the court heard.