ATHENS(BullionStreet) : Crisis hit Greece is witnessing a gold rush as people emptying bank accounts to buy gold as a safe haven amid the largest crisis of its history.

However, the move attracted authorities as country's finace watchdog, Financial Crimes Squad (SDOE) has decided to investigate the origin of money used for gold purchases in the form of coins and bars.

Banks responded immediately and forwarded the details of some 600 people who bought gold as well as the data of those selling the precious metal since 2009.

The first checks by SDOE have shown that about 70 people bought gold, spending over 200,000 euros each, and will be more closely investigated for any suspicious activity.

If their stated income does not justify their purchases, SDOE will then open their bank accounts for further examination.

Many Greeks have recently resorted to buying gold, seeing it as a safe investment. Monthly bank withdrawals were climbing as much as two billion euro while depositors withdrew nearly thirty billion euro, equivalent to 12.3 per cent of total savings.

Greek deposits worth an estimated 8 billion euro were transferred to banks in Cyprus in 2010. But the flow has dried up this year amid fears that Cypriot banks could suffer contagion.