Ok let me try to explain clearly. When you buy gold from Genneva, when you pay RM 100K for gold that is worth RM 76 K ( a premium of RM 24K). If you bought the same amount of gold from UOB bank, it will only cost RM 76 K.
Normally in trading, in a buyer/seller transaction, the seller makes a profit from what he sells you and the buyer gets the goods or services (end of story). In Genneva case, the more they sell the more liabilities they have (they are not generating any profit) because they have to pay you the Hibah of 2 % per month and has a contract with you to buy back the gold at the price they sold you. Even if the price of gold goes up they loses because if the gold happen to go above the contract price, you wont sell back to them at that price. The more they sell, the more liabilities (future losses) they are accumulating

So where do they get the money to pay 2% Hibah to you (mind you 24% a year) plus consultant commission of 0.5% per month plus senior consultant of 0.3% per month ? The first year they use the premium that you have paid. Mind you the contracts are on 3 months or 6 months basis, so most people will continue to roll the contract with such lucrative interests. Of course if you get out within the year you do not risk anything but gained but how many people did not do that because of the nice huge interests - a few did but not many.
So the following year, they will take the money from the new investors to pay you because your premium for the gold has been used up in the 1st year. So as long as there are many new investors, the company will not collapse (a typical Ponzi Scheme ). Most of these Ponzi schemes run between 3-5 years before collapse because there are not enough new money from the new investors to pay existing investors. The Madoff scheme ran for more than 10 years because he only promised a 10% constant return.

So where else is your risk. Remember in the 3 or 6 months contract, you dont get your gold immediately after you paid. Sometimes you get it one month later. So you are holding the gold for less than a few months and you need to sell it back to roll the contract for another period. If the directors abscond during this time, your gold is gone with them.

The problem is the company is accumulating losses but they are taking in lots of money from new investors. So when the time comes when it becomes unsustainable, they will run with the money and gold so those who have not receive the gold bar will lose everything and those with the gold bars will lose anywhere between 34 to 50% because they lost the guarantee to sell to Genneva and the outside buyer will take a cut of anywhere between 10 - 20% provided the gold is also genuine inside.

It's a Ponzi scheme

The buyer dont lose because even if the gold price go down Genneva will buy back from you at your original buying price. This is what attracts the people to buy from them. Guaranteed capital with high interest.