Germany: Turkish model entrepreneur makes 1.9 tons of gold disappear

Mesut P, managing director of PIM-Gold, was arrested on September 4th during a raid in Frankfurt Heusenstamm. 10,000 German small savers are now worried about their old-age provision. According to the public prosecutor’s office, a total of 1.9 tons of customer gold disappeared according to the Handelsblatt newspaper.According to an employee’s testimony, Mesut P. “had neither a school-leaving qualification nor vocational training. He “cannot even write two German sentences without making mistakes”.According to a courageous whistleblower in his criminal complaints to the public prosecutor’s office in Darmstadt, the criminal rip-off system was supported and promoted by a lawyer specializing in capital investment law, an auditor, and several distribution directors.Among them are the Turkish businessmen Hayri E. and Cemil Ö., against whom a criminal complaint has now also been filed with the public prosecutor’s office in Darmstadt for “complicity and incitement to fraud in the sale of Bonusgoldkauf-Plus contracts”. Also against the attorney and the tax consultant charges are pending. 
The business newspaper Handelsblatt reports:

It was a ghostly scene in front of the headquarters of PIM Gold GmbH in Heusenstamm on Wednesday afternoon. Again and again drove in front of dark Mercedes sedans. Out of them men with serious faces, apparently employees or partners of the gold trader, rose. They hurried past armed civilian police and the blue police patrol car into the building. The officers had already arrived in the early morning, until about 4 p.m. they left again. The prosecutor Darmstadt confirmed on Handelsblatt request that she has searched on Wednesday the premises of PIM Gold. The district court Darmstadt had proclaimed in this context a pre-trial detention order against a 48-year-old man. “The man is charged with, inter alia, commercial fraud,” said the spokesman for the prosecutor, Attorney Robert Hartmann. The execution of the detention had been ordered. The arrest, according to the Handelsblatt, is the managing partner of PIM Gold, Mesut P. (48), against whom the prosecution has been investigating for more than a year. Mesut P.’s defense attorney was initially unavailable for comment. An ex-employee of PIM, who later worked in the environment of a rival company, had already raised serious allegations in 2017 and repeatedly filed criminal charges against management personnel of PIM. He claims that more than 1.5 tons of customer gold worth around 60 million euros have disappeared. PIM Gold has always denied these allegations and sees itself as a victim of a “filth campaign” of ex-employee. In a sworn statement, Mesut P. said the allegations were “false and defamatory.” His gold inventory estimates were based on wrong or manipulated numbers. “Missing inventories could not be determined after a critical, manual review of the data in the computer so far.” The company said two months ago: “We are very sure that this process will be stopped soon and all charges against us will falter.” After that, it does not look like it anymore. An investigation for suspected fraud continues, said prosecutor Hartmann. As part of Wednesday’s search, “assets have been secured to ensure compliance with legal recovery requirements,” the agency said. Whether it is about customer gold and how big the assets are left them open.The news should strike gold buyers like a bomb. Because PIM not only sold gold, but paid his customers an interest between three and six percent, if they stored the precious metal in the safes of PIM. Mesut P. or a spokesman for the company was not available for comment on Wednesday afternoon. On-site at the headquarters, PIM staff did not want to comment. A top distributor, the Handelsblatt reached in the short term, said only that he was in shock and must inform himself. PIM Gold has repeatedly been the subject of critical reports in recent weeks. Consumer advocates had warned about the business model. In addition, the Handelsblatt reported that the public prosecutor in Frankfurt on suspicion of money laundering against executives identified. The company also denies these allegations. On Wednesday, the Handelsblatt continued to report that consumer websites and financial journalists have been victims of a hacker attack after reporting on PIM. A lawyer from PIM said: “It is utterly absurd to associate PIM Gold with the attacks. It is obviously a renewed attempt to discredit the company. “PIM Gold basically distance itself from the attacks /

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