Update on joint raids conducted by enforcement agencies on companies suspected of conducting illegal investment schemes using gold

The Attorney General’s Chambers, the Royal Malaysia Police and Bank Negara Malaysia, would like to provide the following update on the recent raids against companies suspected of operating illegal investment schemes using gold.

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

Based on surveillance and examination conducted on these companies, it has been discovered that these companies are operating schemes that are believed to be not sustainable to provide the promised high monthly returns, nor would they be able to provide the buy back guarantee of gold. Such schemes are not sustainable because the returns promised are not funded through gold trading, but from the monies invested into such schemes. The investigations have also revealed that the amount of assets and monies held by these companies do not commensurate with the amount collected from their investors.

Prior to the joint raids, it has been noticed that these companies have delayed in returning gold or money to the investors within the stipulated time as promised. Such signs are early warning indications prior to the collapse of such schemes that would result in significant losses to investors.

For more information, members of the public may contact the following:

BNMTELELINK (Customer Contact Centre)
Tel: 1-300-88-5465
Fax: (03)2174 1515



The Attorney General’s Chambers of Malaysia
The Royal Malaysia Police
Bank Negara Malaysia

Bank Negara Malaysia
10 October 2012



SOS

This post has been edited by coolpeople: Oct 10 2012, 11:04 PM

I was right all along.

Sidenote: damnit, that pray heaven/hell thread was deleted before I could save my last post. It could have been a M. Night Shayamalanadnamsnd movie plot!

This post has been edited by ray123: Oct 10 2012, 11:10 PM

calling genneva troopers to come in and defend

ini semua fitnah
oh wai-

i tot bnm syariah head approved genneva?

no shit.

so legally closed down now? the investor how? can get back their money?

Dr M never blog about his previous appearances as a supporter to Genneva?

BNM jeles because this is revolutionary blue-ocean matrix investment

He forgets the bad things and only remembers beneficial ones, like how Ling Liong Sik is a good guy and impossible for him to have tricked the Cabinet.

Those who got the goldbars can still recuperate some of the losses. Those who don't however....

the gold and money leh? who get ?

probably wash to swiss bank edy kot

This is not true, we will protect our investors interest

The new company gets it la.

bank in geneva (sic)

Don worry, later biro pengaduan awam umno > BNM, genneva reopened, money will be returned to investors and consultants, najib say uhelpme,ihelpchu. BN win election sapu99% parliament seats.

what new company?

Things human will do for money.

Finally lol. Those saporkter can gtfo..

so the gold guarantee will come out and become hero liao, 2nd round con kaw kaw, before this news spread faster go brainwash.

vgmc, rgcx, pageantry, worldwide far east etc, damn those conman are damn wicked.

waitibg 4 dr.mahathir statement,.......

This post has been edited by nikita zuleica: Oct 10 2012, 11:27 PM

the spinoffs or the related ones or something. if you see in flyingspaghettimonster forum can read all about it. don't really remember the name though

mahathir is their ambassador?

"Saya tiada kaitan dengan syarikat tersebut... kenapa tanya saya, kan saya ni dah nyanyuk... (senyum)...".

"Pipu are most gullible when they are greedy"

but why are they fighting to let the scheme continue, should be fighting to get back at least their initial capital..

This post has been edited by ar188: Oct 10 2012, 11:32 PM

lol.. after songlap straight away nyanyuk

with what?

ray123 *(senyum) *

Wondering how much is the lost, cumulatively....

Did read somewhere a newly pencen uncle place all his pencen money to Geneva recently before this shitstorm happened

Life sucks.

mahathir is just the guy they called to officiate the company/event. several VVIPs were paid/given incentives to attend the event as well, like rosmah. u think someone as rich as rosmah would care about a 2-bit company like this?


FYI this is standard procedure. you call up important people to be in your event, and they will come as long as a) there's money involved, or b) they have vested interest in the event/company or c) it helps with their political/popularity mileage.

In the end , stupid dumb poorfag who is going to suffer....

All this are too familiar... Lamp berger, red island cafe, swiss cash, us oil etc

Those who get cheated.... I dun feel sorry for them
Serve them right
Padan muka

the binary holistic network revolutionary new age business model is threat to banks

haha.
already known.

this is just formality anyway

just wondering, this case is it possible to appeal and overturn the verdict?

later if appeal success, fuh they sure show off 9999

But what happens to the chairman, directors etc? Cabut adi?

These ppl r so evil......When they cant sustain their scheme anymore... What they do?
They ask the gov, which are probably working with them all this while, to raid themla
Then ppl will go hoo haa for a while
But after a few month.... Nobody will remember this anymore
Juzt like mamaktir said " melayu mudah lupa" senang ditipu!

This post has been edited by w3er: Oct 10 2012, 11:48 PM

isnt it easier for them to just run? lol conspiracy theorist

they run means they will labeled as scammer

in this case they can say BNM is in the wrong and in the future they can scam again

this kind of scheme got new one every year, every year also go scheme that collapse when boss run away with money or busted by BNM, but still got people to join the new scheme that come up after it.

Enjoying and partying with those big shots la....
U know..... Money can settle everything
Malaysia boleh!

Does BNM know how these people get the "Shariah compliance" ?
This only make shariah compliance looks really bad

Last time also have business like this. But selling vase. Same method buy the vase, get monthly income and when the time is up, the company buy the vase back or you sell it on your own

they dont run they get charged in court for a whole host of crimes. theyre probably already out of the country already

im sure their shariah compliance is as legit as their business model

actually most Ponzi scheme boss in Malaysia walk free,.... steven corner still got his own shop after Island Cafe scam...

u put syariah in front, for sure laku.

U know how long already this genneva has been operating?
And how many complains have been lodged against them???
The gov, police and BNM, not only went silent mode, but did nothing against them for so long

And genneva was growing bigger and bigger each day
No thanks to mamaktir and rosmah help

maybe I am new to this but correct me if I am wrong, the first case of Genneva (under the name of GSB, this time its GMSB) is still being on trial since 2009... they can still comes up with the current Genneva even when the first one is still under investigation

Cool isn't it, when you are in the suspected list but still can open a new company and con people with it.

and i suppose the investigation period was only like 48 hours, eh, before they conclude it? im sure you also believe that the authorities just decides to raid businesses randomly without extensive investigations or warrants

besides, they WERE complaints. do you really think that the authorities would just raid a business without a complaint? "yeah, today's a slow day... maybe we should raid this florist just to see if she's laundering money". why stop there "lets arrest this random passerby then see if he's guilty of something while he's in lockup"

really?

hey,... even the customer protest this raid.... imagine how many complain actually got ???....don't blame the regulator, blame the gullible investor...

they are not proven guilty in court, they are still consider innocent.

but BNM always have genneva under their warning list, people still want to believe in the same group of people and invest, what can they do?

but... but normally in malaysia you're guilty until proven innocent!

malaysia is a scammer's heaven,.... how many scratch and win scam's boss go to jail ??

not sure if they're the exact same people, but genneva (the new one) has already been on the fraud list for a while as bnm was doing their investigation. cant tell people to stop their business until you have enough evidence to raid and charge them, right? the best bnm can do is to list out the companies that are suspect

if people are still insistent on doing business that is ALREADY BEING INVESTIGATED then its really the investor's fault for taking that risk

if they conclude that it is a business based on ponzi, can't they ban the business and gantung their license for operating?

thats new law,... 114a is different...

well Malaysian don't research on BNM warning list before investing.
what more to say.
when shit happen they blame BNM not themselves.

they can always close shop,... change name,... and start a new 1,... u blow him no expand..

may be they should come out with blacklisting the bod members, those who involved in scams, ponzi, pyramid, should not be allowed to open any new business until they settle all the shits before.

Amno youth is Genneva superhero

do u know scratch and win scam still roaming the street, even it is a super slowpoke scam ???

ya, my fren oso got kena, they should just raid the place over and put the founder in jail.

TS, I have my own doubts about these investment schemes, but I don't get how your post 'proves' anything? BNM just explaining why they raided. Still under investigation.

Genneve = vgmc alter ego

BNM update pretty much said they have found the company to be ponzi scheme

duh,..

BNM can check the company asset and their operating account to verify their claim on trading gold or not,... and whether capable of buying back and paying interest to their customer,... how do u hide any bank or money transaction from BNM ??? they are center bank,... they got access to any bank account statement....

Not exactly. BNM have the right to prevent any organization (with the help of various authorities like polis, SSM, etc) from continuing its activities that BNM "thinks" violates any financial regulation.

And that organization have the right to appeal (which genneva did not) or saman BNM in the court to PROVE that the said action was wrong.


the reasoning for this is, if you leave deposit-taking unregulated, any pakcik kedai kopi can take people's money and do whatever he wants without proving to anybody.


What I really don't understand from this whole mess is, why wasn't there suspicion by the "investors" when they deal with a company named geNNeva, and not geneva (the swiss location)? Surely by looking at the name itself you have to have AT LEAST a slight doubt that it's trying to associate itself with switzerland?

well at least now we know that AT LEAST 50,000 malaysians fail to understand obvious retarded difference. Probably these are the same people who would click on fake urls like googggle.com instead of google.com

This post has been edited by C-Fu: Oct 11 2012, 12:42 AM

LOL
isn't that statement proven they found the evidence?the statement is even signed by AG...waiting to go to court only..

owh. so, BNM already know Genneva is a ponzi, then the subsequent raid and investigation is to find more proof lah...

I only started reading a little bit about this news, but I was wondering, if people are asking BNM to faster finish their investigation, and then if the investigation finds nothing, then what next? still guilty right?

can anyone give me a simple graphic explanation how these genneva investment works.

something you can use to explain to a five year old ?

with every stupidity, fortune is made by the cunning ones. hoho.


now the bod members all just blame bnm, brainwash, ask investor put money to other scams, and continue to enjoy.

i remember bank give multiple warning about illegal deposit taking in gold investment company. but genneva always insist they are not investment company and dont take deposite

How to claim back my 10kg gold ah?

5 second google

thats happens alot in k..

brapa juta you invest bro?

like that ok la...
got real gold in hand, tak rugi oso

the graphic didn't mention the premium price for the gold bar they should pay...

wait tomorrow new, there will be alot of ppl go to 14th floor

even investigation is completed, can they give back the gold and money? pretty sure it will be evidence in a criminal case.

no.... they finish the investigation liao.... the next step is charging Genneva in court with all the evident they gathered...

not so much losses.

go buy poh kong lose even more,
sell back or change other jewellery kena potong 25% at least + workmanship.

wait, they held any clients gold?
i taught they said they only sell gold to them and give hibah?

nobody really cares, really.
gold and money belongs to genneva and not the people.

those people/investors only lost the promised future interest payment
they still have their gold bought at a slight premium.

do see so many people protest rage about BNM steal their gold?

yea right.
how about those people who did not get their gold upon payment?

Not all people will take the gold since you know... they believe Genneva and they might ask them to safekeep for them instead. Also heard in some new cases where they haven't get the gold yet

There you go

Oh and I forgot those who leverage their gold to banks as well. In those people cases, then they really jialat already...

This post has been edited by s[H]sIkuA: Oct 11 2012, 01:00 AM

Unless your gold is "bought" by at a cheap rate by that company to be sold to you. Ever heard of Gold bars filled with Tungsten metal ?
Unless you have a high-tech machine which can detect tungsten metal in your gold bar .. paper gold doesn't seems bad to me.

even if its real gold, people who will take that gold may buy it at a discount. 20% premium when buying it + 20% discount selling it. mighty big loss there if they bought it at the peak

not every1 gets the gold.... only some....

even those that keeping the gold, can't be sure it's solid gold or not...

Let's put it this way.

answer this.
you bought 100grams gold bar.
1) Will you take the gold or not?
2) if Genneva don't give you gold after pay, you rage or not?

come on.
we are talking about people who are at the bottom of the pyramid who haven't got their gold bars alright....

So you telling me those people pay without having the gold?
they have only themselves to blame.

you go pasar, buy vege 1 kati,
they say come collect tomorrow,
you ok?

Could be tungsten filled gold since no one ever dare to slice their gold in half just to confim it.