“Such schemes are not sustainable because the returns promised are not funded through gold trading, but from the monies invested into such schemes.

“Prior to the joint raids, it has been noticed that these companies had delayed returning gold or money to the investors within the promised stipulated time.

“Such signs are early warning indications prior to the collapse of such schemes that would result in significant losses to investors.

“These raids were conducted in the interest of protecting the investors as well as the public at large from falling victim to illegal schemes,” the statement said.

Singapore's Commercial Affairs Department also conducted a similar operation against Genneva Pte Ltd in the republic on the same day

Totally agree with you mate....If you can't balance the books for the day, you are expected to stay back till everything is matched up and tallied based on experience.....

I pity some of those genneva investors.....when this genneva thing was starting about 2 years ago, some of them invited me and willing to pay a seat for me to listen to their business plan and investment scheme.....i just asked them one thing, what is their business model?...then they kept replying its a trade secret and other blue ocean BS.....they even claim that the Hibah is tax free and exempted since it is a gift....and I warned many of them about the risk, yet greed overrules them all.

First question asked was, bank negara official report claim the money or gold in the account does not match whats in the account. Maybe my comprehension not so good, but seems like no clear answer from them

“Such schemes are not sustainable because the returns promised are not funded through gold trading, but from the monies invested into such schemes.

“Prior to the joint raids, it has been noticed that these companies had delayed returning gold or money to the investors within the promised stipulated time.

“Such signs are early warning indications prior to the collapse of such schemes that would result in significant losses to investors.

“These raids were conducted in the interest of protecting the investors as well as the public at large from falling victim to illegal schemes,” the statement said.

God Luck.. How BNM gonna give back the money to the auntie, ah pek, datuk and nenek , their koffin money... cold than water...