Liechtenstein prosecutors have opened an investigation into TGI AG, accusing the company and its leadership of operating a pyramid scheme.
The public prosecutor’s office suspects that gold trader Helmut Kaltenegger and five other individuals orchestrated a Ponzi-like structure within the firm, according to a court decision obtained by Handelsblatt.
This development follows a period of heightened attention on the gold market, with the World Gold Council recently raising its 2026 price target to $4,100 amid shifting sentiment.
The allegations mark a significant escalation in scrutiny of the Liechtenstein-based gold dealer.
Authorities are examining whether the business model relied on new investor funds to pay returns to earlier participants, a hallmark of fraudulent investment schemes.
The probe targets the core operations of TGI AG, raising questions about the legitimacy of its trading activities and financial disclosures.
This development follows a period of heightened attention on the gold market, with the World Gold Council recently raising its 2026 price target to $4,100 amid shifting sentiment. While broader market optimism has supported gold prices, regulatory actions against individual players can introduce volatility and erode trust in specific segments of the industry.