The Ministry of Commerce Actively Shuts Down Fraudulent Gold Bullion Website
A foreign e-commerce platform, targeting consumers in Saudi Arabia, has been effectively dismantled by the Ministry of Commerce due to its illicit sale of counterfeit gold bullion. This decisive action underscores an increasing regulatory vigilance aimed at protecting online shoppers from fraudulent practices, particularly concerning investment in precious metals.
Counterfeit Gold Valued at Half of Market Price: A Serious Breach
Investigations by the Ministry revealed a significant infraction involving an online retailer operating internationally. This platform was engaged in promoting and retailing bogus gold bullion to buyers within the Kingdom.
The counterfeit goods were marketed at astonishingly low prices—almost 50% below current market rates—falsely suggesting authenticity.
In truth, these items were constructed from copper and merely coated in gold to simulate genuine bullion. The aim was clearly to deceive consumers into believing they were acquiring legitimate metals.
Such deceptive practices infringed upon established consumer protection standards and targeted unwary Saudi shoppers.
Swift Action Taken in Collaboration with Authorities
Upon identifying the fraudulent activities, the Ministry acted with alacrity. Collaborating with pertinent authorities, they ensured the immediate shutdown of the online store, effectively curtailing the deceitful trade and safeguarding consumers from potential losses.
The Ministry cited violations of the E-Commerce Law alongside its governing regulations—highlighting that these statutory provisions are crucial for maintaining a fair and transparent digital marketplace.
The blockage of the store reaffirms the commitment to uphold the integrity of e-commerce within the Kingdom.
Consumer Advisory: Exercise Due Diligence Before Purchasing
In light of the incident, the Ministry of Commerce has issued a strong advisory aimed at all consumers in Saudi Arabia. Shoppers are urged to exercise meticulous caution when interacting with online platforms, particularly those based abroad or those lacking necessary verification.
Consumers are encouraged to utilize the “Enquiry on E-Commerce Documentation” service available on the Saudi Business Center platform.
This official resource allows buyers to confirm whether a retailer is legitimate, registered, and compliant with Saudi regulations.
Furthermore, the Ministry advises against any transactions with unverified websites, anonymous social media profiles, or unfamiliar online sellers.
These measures are considered critical to avoiding the pitfalls of scams, particularly when dealing with high-value items like gold.
Source link: Timesofindia.indiatimes.com.
