i dont trust u gold diggers at all...!! come here post tldr... u think we all got time to read ar???

bullshit is bullsht, ptui!

My parentx went to this company suppose to invest in gold called Genneva Malaysia located near Jalan Kuchai Lama . The company call for 2 percent profit per month and that would make about 24 percent divident per year . My paretns invest a few thousand ringgit but I'm really sceptical about this company . How the company can afford to pay such a high divident ? How do I know I'm getting the real gold bar ? Could this be another ponzi scheme

or could it be a scam?

any expert share to advise?

My dear - after reading all the posts above, U still asking whether scam/ponzi or not?
It's the best deal ever! <note sarcasm>

no financial institute can offer that kind of return . . . well good luck to your parents. They called me up before to their office, i didnt even bother to attend as the guy in the phone told me lots of crap.

1)GENNEVA is a world wide company investing in GOLD
2)2% return per MONTH
3)Dr. Mahathir son started this company & etc

2% per month, 24% per yr?! Wow, better than the mighty ah long credit card bank!

Where to find on earth? 24% return per yr? Warren Buffet also cannot achieve tat. Apanama Geenneeva can?

This post has been edited by Bobby C: Mar 21 2012, 02:19 PM

U see, we all understand it came with risk..
But if you can absorb the risk, I dun see any problem buying as you give them money and they give you gold..
Tested by assay company.. 100% 999.9 pure gold.. Every single piece I bought..

Datin paduka Rosmah won't be attending a scam company's event.. Bare in mind she is the wife to prime minister..

Again, everything come with risk.. Nothing is without risk.. Just the matter whether you can absorb the risk or not..

Datin paduka Rosmah support Genneva?

Genneva has been under investigation since 2009 and still running. Many say SCAM SCAM SCAM! But still many go in to buy. Why? They do give what they say they would give:

-The gold is real.
-They do pay up their dividends

Telling buyers they were scammed while they are receiving dividends isn't going to convince them its a scam. In fact they will just promote this too good to be true result. I haven't heard of any that cashed out yet. So maybe that's when the wrong stuff happens where they just won't pay you and force you to keep the gold.

Genneva has a ton of customers. Genneva is also in Singapore, Hong Kong and China. If its a scam its probably going to be like Malaysia's Enron. Where its like making people so much money until it blows up and then becomes a worthless stock. It will be in the news all over the world!

Fyi, the price of gold fell for 21 years from 1979-2000 & it also fell again from it's peak of USD1920/ troy oz in Sept2011 to abt $1660 lately.

Remember, unlike unit trusts which are always guaranteed a buy-back at the prevailing mkt rate as governed by the FIMM under the Sec. Comm, Genneva's not bound by any govt. authority to buy back the goods they sold.

So what happens when mkt prices fall below Genneva's cost of goods sold? Somebody pls say, buy & hold.

This post has been edited by ccslink: Mar 21 2012, 04:18 PM

Hey, U are absolutely right!
Just like Madoff's case - it MUST be real and not a scam coz it kept paying out several years! (until kaka hits the fan)
http://en.wikipedia.org/wiki/Madoff_investment_scandal

BTW, it's also not a scam to sell kaka at $100 and offer 2%pm with other "incentives". It doesn't mean it's a smart thing to do since the biz model doesnt make sense and not sustainable. Then again, if U are the 1st few and can con others into it, why not right? It's all about the money <thick dripping sarcasm>

Walking across the road is a risk.

But walking across the waters of the Straits of Malacca is a greater risk.

BUT FOOLS pay to do that.......... like 25% above spot.....

Maddoff was a chairman of the NASDAQ.......so what?

---

Added on March 22, 2012, 8:09 amThere was a FOREX scam in Sabah....... People from Singapore, Taiwan, HK were affected.............
Power of networking

This post has been edited by prophetjul: Mar 22 2012, 08:09 AM

more like Genneva support her...

Can we have Royce phone number? So in 3 years time we give him a call. If really he has a legit means of earning big bucks from Genneva, he can laugh at us. If the scam finally crumbles, we laugh at him.

Who agrees with me?

That's a real heavy reply, mate!

Three years for the scam to crumble? Not sporting, giving such poor odds to roycechuah. Reduce it to one year and I'm with you!

my fren went there, they told him not 2% per-month lar it is 2% 4 months for buying 50K above oni they play tricks

dude no offence but i thnk as in madoff hitler's case....datin paduka rosmah herself is a scam too...just look at how much of our $$ is spent on buying her f***ing hermes handbag in australia...she used my dad hard earn $$ to fulfill her temptation...BN govt in itself is a scam!

for those who thinking why our Rosmah @ Fat Momma attended the so called Genneva Appreciation Night dinner:

here the comments from one of the blog regarding this scam:

Dear Chuah,

No need to shed crocodile tears for Poh Kong, Tomei, Habib as they are still having their business in gold bullion due to customers’ trust in them and their business model will not fail them or the customers. Their price is fixed by their Association FGJAM and not by goldco posing under GoldBEAM which force all their consultants to be menbers.
Just answer a couple of questions, if you are sincere in the gold market:
1. Are the goldcos which does buyback making or losing money in December 2011 and January 2012?
2. Where does the money for the hibah, consultant commission and operating expenses come from?
Assume goldco buys gold at today X ringgit and sells it for 1.25X ringgit to a customer with a 3 months’ tenure. , it makes 0.25X ringgit
Assuming it gives hibah of 2.0% and commission of 0.8% and has 0.5% operating expenses, making a total of 3.3% per month or a total of 9.9% for the 3 months tenure.
To make 9.9% in 3 months using the 25% mark up, the goldco has to find a business which can generate 9.9 x 4 = 39.6% in 3 months or 13.2% per month since they have to buyback at the end of the tenure.
If they do not buy back, do you think any customer will go back to them by overpaying 25% but only earn 9% hibah (Assuming 3% hibah per month.
Otherwise, the money will have to come from any increase in the price of gold held by the customers. What happens if the price stagnates or goes down?
The goldco Chairman is a cousin of the PM. But the PM cannot be seen to be supporting a goldco which has a shakey business model. So just make use of the “First Lady” and if the goldco collapse, the PM/Finance Minister doesn’t know about it and the “First Lady” has no official designation and she had just obliged when asked by the goldco to officiate. Remember, at the February launch of the Dragon promotion, the Deputy Finance Minister found a junior to take his place and the Agong declined to launch the Shariah Compliant platform of the goldco?


This comment meant to Chuah who is one of the Genneva so called consultant. I was at the dinner too on invitation by a friend of mine. Guess what, his whole family and relatives are in this scam and the uncle was tried to lured / recruited me into this. He forgot one thing. There is the word called internet and google.

nothing much special except for a grand gala and nice dinner @ RM288 per ticket which had to bare by the consultants itself. the funny thing is, the top achiever so called platinum award goes to a lady whose husband one of the main people in Genneva. So irony!

Bravo to this Genneva so successfully manipulated this dinner to make it so grand... only pity to those investors where their hard earn money meant for children education, retirement just gone like that. Time will tell time will tell.

For those so called consultants, if you have a clear conscience, please stop promoting this scam. Yes, we all love money. Infact I do, but I don't wish my house door keep knocked by a poor family wailing and crying beg for the money back as it meant for their children, retirement and in chinese we said coffin fund.

Yes, im in financial industry and i do have my networking, if not why I being invited to the gala dinner event so the uncle can brain wash and recruit me. Frankly speaking the commission is lucrative but I really don't wish my clients cursed me, my friend, relatives crying and begging at me. It just not worth it.

Yes, you can call me a loser, an old thinker, envy and red eye because of Genneva's success , consultants earning millions and I just jealous. Call me whatever you wish too. Again, I'll said this is a SCAM. One hell of a BIG SCAM. why? Need to say more? google it with words of Genneva, Genneve Gold or Genneva Malaysia. There more and more bad news and bad comments rather than good of it.

I guess more losers out there just like me. Yes, Infact I'll continue to be a loser I'll keep telling this scams to my family, my relatives, my friends, my clients and public in general.

---

Added on March 22, 2012, 9:52 pmA former consultant wrote this and again it meant for Chuah, Genneva Consultant.

Here you go:

My name is OLD UNCLE. I used to be an active con-sultant for Genneva ( formally known as Samudra) in the early 2009.
Thankfully, I managed to totally pull-out/withdrawn all contracts since last year .

I assumed you are new and therefore do not fully understand what is really going on with the company.
They kept changing company policies as and when they like, to suit their own interest every few days.

At first, every Consultants were forced to pay portion out of their commission regularly each month- so called monthly meeting expenses!!!.
Later on, we, consultants were made compulsory/forced to pay Rm 500 each to joint as Gold Beam membership.
From there on-wards, to renew membership with Rm 250 every year.
Why is there a need to joint as member of Gold Beam when all of us consultants are under the umbrella of Genneva ??

Without our consent, Genneva can just subtract from our commission to “donate” to functions like big walk, F1, etc to boost it’s name/image.
If company is doing well, why does the company needs to boost its image at the expense of its consultants??

When company’s cash-flow was low, its started forcing everyone of us to pay Rm 250 to Rm300 each to attend non-sense hibah training.
After that, we had to pay extra Rm 40 per contract for stamping.

Later on, company came up with deducting Rm5 per cheque deposited into clients’ bank account.
Is there any other company around who charge a fee for banking-in employees’ salary/commission into bank a/c??

To me, all the above collections are like day light robbery.

Have you ever heard of anyone having to pay to attend for their own company’s Annual Dinner ??? Genneva must be the first and only one.
On top of paying for dinner ticket, we even had to pay bus transportation fare to the event venue. Imagine that.

During the Annual dinner, lucky draws were not lucky at all because Genneva never fulfill its obligations until today.
When asked where are the won prices, they said had to cancel because violate government guide lines.
Free trips to China also no news until today!!!

Of course you may say these are small matters as long as you get your monthly commission and physical gold bars in hand.
Yes, I do agree will you. Even if company wind-up or no longer pays out hibab, its “OK” as long as gold bars are with the clients.

But this is not the case. I had emphasized this 2 years back, for those who follow this forum would still remember.
My only concern is the “Waiting Time”.

Scenario 1) Waiting to get hold of your physical gold after you have made payment AND
Scenario 2) Waiting to collect payment cheque when you had delivered your gold in advance to the company during “sell back”.

2 years back then, the “waiting time” was about 2 weeks maximum but now, it seems stretching beyond months!!!.

My dear Mr. Chuah, have you ever thought of the consequences if you are caught in the above scenarios when suddenly :-
1) Genneva follows Gold Label footstep, to announced in newspaper it no longer sustain business & decided to wind-up or
2) Bank Negara decided to conduct a raid at Genneva & found no cash nor gold available at the premises.

The key point here is “Waiting Time”. The months of “waiting time” is total nightmare.
You will have to be hold responsible to your relatives & friends whom you had convinced that the scheme is “safe”.

Please please and please do not compare Genneva with Poh Kong or any other gold smith shop.
With Poh Kong, you pay and ON THE SPOT you get you gold.
Likewise when you sell to Poh Kong, you get you cash ON THE SPOT.

Please please do not mislead others that you have physical gold in hand.
In actual fact, during the duration of 3 months contract, you only get to hold on gold bar a few days at the most.
By the time you got your gold, its already time to pass back to company for renewal inspection!!!! Yet wait another round….

Please, no more mentioning of holding gold bar in your hand & wait for it to appreciate then sell.
The main issue of discussion is, the time for Genneva to deliver gold or cheque cleared before anything bad happened.

For those who are still waiting to get the gold or sell-back payment cheque, sweet dreams.
By the way, ever wonder why sell-back payment cheques NOT auto-deposited into bank like monthly commission!?!?!.

Dear uncles and aunties, the end is near…You may start crying…………………..

This post has been edited by eddiv3dd3r: Mar 22 2012, 09:52 PM

well said eddiv3dd3r, well said.

those who are in it HAS to continue to believe in Genneva. after it all, they have poured in their money as well. to date, i have yet to see anybody from genneva able to explains the high return of 2%.

the first large scale ponzi scheme by mr.ponzi started off by trading food stamps and coupons. hey, it was just some stamps and so many people went into it. if mr.ponzi were able to dent the market so hard, think about what genneva can do with gold.

the fundamentals are the same - illogical returns in a short period of time, the needs of recruitment and some fella telling everybody else are stupid because their scheme are bullet proof and superior.

Thanks kh8188. Glad you with me. Frankly speaking If this invesment model is workable then the banks and institution are MORON.

heard a lot of stories about the goodie of gold, to filter out noise, its price performance would speak for itself
understand that genneva will buy from buyers at old price + mark up. buyers would lose out if gold price goes up
assuming gold price is way down, does it mean this model is sustainable? can genneva hedge buyers against further losses