First and foremost, Genneva only CLAIMED to be in compliance with Syariah. Did you checked whether they are certified or holds any certificate to confirmed this.
The government under the council of Ulama has done its studies and thereafter made their conclusion here :-
http://www.e-fatwa.gov.my/fatwa-kebangsaan...neva-malaysia-s

If you cannot understand bahasa malaysia, just cut and paste and use google translate like i did.

Secondly, Bank Negara through its web-site has made numerous announcement. Please read the said announcement carefully and you would understand that it is not under BNM's purview to issue licences nor monitor each and every activity involving private limited company.

Its all boils down to the each investors in fully recognising and understanding the maxim - 'Let the buyers beware'.

So many people has put their thoughts and opinion regarding this issue. Like they say, no point crying over spilt milk. We should band together and try to pursuade the government to at least put in some mechanism where investment in gold or precious metal can be done in an orderly and professional manner.
First, lets start with the gold itself. i believe in Malaysia there is no single entity that does assaying and hallmarking on an independent basis.
In US and Europe, this is normal and actually helps the industry fully supported by the industry players, seller and buyers. Assaying and hallmarking will ensure that all precious metal especially gold standards are adhered to. In layman's term, if you buy a gold with 916 standard, then it is truly relected in its content. So all foul play and hanky panky are eliminated.
Secondly, those traders who wish to start their business or any company that wishes to operate like Genneva has to put up some collateral with the relevant authority or at least can come up with a bank guarantee that in the event they are unable to meet the clients or investors claim, the BG or collateral can be utilised to meet all obligations.
Thirdly, NGOs like consumer associations has a role to play in educating the public relentlessly. If you notice, those easily duped are the ones that are either not so clever or too greedy to read the fine print.
My symphaties goes to the uncles, unties, pakciks,makciks who struggled to make an honest living, saved evey little sens they earned, only to be conned by sharks, no less.