Woman who stole 234kg of gold charged

A New York woman was charged recently with stealing as much as $12 million (Sh960 million) in gold bullion and jewelry over a period of six years.

The woman lifted the ill-gotten booty from her employer by concealing the stash in the lining of her pocketbook.

Teresa Tambunting, 50, was arraigned on Wednesday on charges of first-degree grand larceny and first-degree criminal possession of stolen property from Jacmel Jewelry Inc.

"The defendant is accused of establishing a virtual mining operation ... which siphoned off millions of dollars worth of the precious metal from her employer," Queens District Attorney Richard Brown said in a statement.

In January, an inventory audit conducted at Jacmel revealed that nearly 850 pounds (386 kg) of gold merchandise worth about $12 million was unaccounted for, Brown’s statement added.

After an investigation was initiated, Tambunting returned to Jacmel a suitcase containing 66 pounds (30kg) of gold. On February 13, an additional 448 pounds (204kg) of gold was recovered from Tambunting’s residence, the district attorney said.

Spot gold traded at around $890 an ounce (Sh71,200 for 28g) last week.

— Reuters