Think of this from the organization who planned this..

Bestino - small time, smaller town.. target mostly uneducated ones.
No accountability, no regulation, tons of Ringgit suddenly gone - it works well.. but still got shutdown by BNM.

Genneva - modified scheme from Bestino success.. this time, don't ever call this "investment" scheme to escape purview from BNM.
This loophole must include front line pawns who can defend the company in case failure.. Create the stockholm syndrome so that your victims can sympathize with you instead of prosecuting you. Use the social media to propagate, overwhelm and confuse the authority so that the trails can be left cold when they finally investigate. When the balloon is 70~80% inflated..use someone to prick it so that everyone caught in the surprise - blame pricker (BNM) instead the inflater of the scheme. Same goal also achieved here.

Same tools used here: Glittering...GOLD...and "gifts"...

Could it be Bestino and Genneva schemes are from the same "invisible" hands who has been manipulating this?

Well.. let just say the cards keep stacking, it keeps going higher..none has fell and
the balloon keeps inflating.. it's getting bigger.. hasn't been punctured yet (at that time).
No one asks questions.. all just gawked, looked and hypnotized by the free "gifts".

The schemer knows damn well - its UNDER the radar... they keeping a close eyes as well.

But the very moment it has been noticed.. they probably move very quickly, they bait the overseer (aka BNM) to act..to close down their shop,
launched the zombies (who else..) to counter attack and to defend them. Meanwhile, they keep quiet. Ran away with tons of monies.

By the time the "hibah" receiver receives nothing and starts to question.. it is already TOO LATE.


"Hey mum, how come we're not celebrating Raya"?
"Hey pop, how come you cancel our holidays plan"

"Hey buddy, how come no more free lunch"?

Their buddies from Gen.. has given them the silent treatment.

This post has been edited by danmooncake: Oct 30 2012, 11:03 PM

In developed countries, there were some form of rules and regulations already exist after Ponzi scheme were published.. way even before
Malaysia independence. They know how to prosecute, how to distribute whatever that is left for the victims.. all very OPEN to the public.

In Malaysia.. unfortunately we're still very blur-blur.. No regulation exist.. No specialized federal agency exist except for central bank to be the gate-keeper (they have to tie this back to actual "investment" scheme for the law to be effective).

Central Bank (BNM) supposed to regulate economy..money..interest rate, financial/banks yet our BNM also must be a Police to watch for scam artists?

Perhaps BNM got no choice... since they don't have rules on how to distribute illegal money.. so by default EVERYTHING goes back into the vault.

This post has been edited by danmooncake: Oct 30 2012, 11:48 PM

Well, the GM supporters are indeed still very delusional.

They wrote this:
By the way, we do not think that gold holds any ‘significant risk,’ at least not at this point of time. The risk came directly from the unjust confiscation of that gold by Bank Negara. Now many of us are without our gold and savings.

So, did BNM point a gun at them and say.. you must buy GOLD? You must put your money elsewhere? What happened to due-diligence and personal responsibility?

If you're BNM, what would you do?

Those people were WARNED way ahead of time that this isn't something to tinker with in the alert list. They were given big RED flag
when Bestino was shut down - offering similar Gold invesment with gifts schemes.

Some blame BNM for acting too late for Bestino.

Now, they're saying BNM should hands off GenM...

It is Damned you do, Damned if you don't.

The supporters clearly have no clue what would happen if BNM releases the hold on GenM and let about its business.

GenM will also invoke its special clauses "discretionary" - "not guarantee buy back"

I wonder whose responsibilities would it be if they find out that GenM cannot really fulfill all obligation if all the funds being returned to its investors because its liabilities have exceeded its assets.

Maybe BNM should washes its hands.. and say "I don't care" and "don't come begging" to them when they're in trouble later.

We may probably see those people will finally identify themselves as "victim" (instead of "supporters") will picket and cry in PutraJaya asking again for the PM to help...

It is a quite sad.. the Prime Minister of a country has to step in... and the tax payers have bail out these people.

This post has been edited by danmooncake: Oct 31 2012, 12:35 AM

Even at RM 166k each on average.. that's a lot money. More than the average Joe makes in a year.
So, now the authorities know where they're hiding their money. Now, all that glittering ain't gold anymore.

The Gen fanboys will start to panic when GOLD price starts falling and they can't sell 'em because of the freeze by BNM..
The sovereign funds are unloading now in the world market...

This post has been edited by danmooncake: Nov 2 2012, 08:49 PM

The question is how does the govt know they're illegal unless they're probed? How do they probe unless someone complains? The GenM scheme is under the radar because they're using the gold trading as loophole because there is absolutely no regulation on this. I'm not defending the authority but I think GenM masterminds have found this gold trading loophole and exploiting it.

For a private company.. what regulation dictates they must submit report for audit?

Aiya..authority must first find real strong EVIDENCE of wrong doing and then can hantam all at once and prosecute. Then, only police can make arrests.

Simply arrest of because small evidence or suspicion, they can bail out easily.

I think if directors haven't flee yet.. they maybe making plans now.
Better cabut first before passports get impounded.

trinity3 warned everyone about this scheme back in June 2011..and question this as "dodgy" scheme eventho at that time,
this company hasn't broken any laws. Trinity said, "It has and will implode on itself sooner or later."

Trinity is proven correct!

You mean like this:


Wolf in sheep clothing?

Many Malaysians today are like little sheep and still cannot think on their own, unable to do due diligence and to function properly.
Still need a shepherd to guide them.. even if the shepherd is fake, they can't tell the difference.

The best way for the govt to do with these kind of scams or any potential ones is to perhaps start regulating EVERY darn thing.
Just fence them in.. don't them out to graze out in the field. No more gold trading and no more trading of any kind unless regulated by the authority. No more so called..CON-sultants or whatever disguise they want to hide themselves in.

This post has been edited by danmooncake: Nov 4 2012, 10:41 PM

Sorry, the part about they can only hold it for a short time - ... and later have to return for contract renewal makes no sense.
Is the gold theirs? If it is.. why do they want to return it? What contract to renew?

Can someone publish this contract here for everyone to see? Something about this scheme doesn't make sense.

This post has been edited by danmooncake: Nov 5 2012, 10:57 AM

Question for the mass - What is the difference between Genneva Sdn Bhd and Genneva Malaysia?

The first seems to been closed by BNM approx. .two-to-three years ago for same kind of gold scam.
The later is recently.

Yet, how come GM claimed they're not related.. but they share the same darn name?

Opps.. there you go. Even if everything is Gen..it is way short of the 10bln ringgit that they've taken over the years.
Even if BNM allows them to return to business, how can they can stay solvent and return all the money?

BNM will probably have to start checking offshore accounts. It may take years because foreign
govt will not cooperate easily.

This post has been edited by danmooncake: Nov 5 2012, 09:07 PM

At least BNM is providing an update..

The question is for those CON-sultants need to ask is what about GENM mgmt and directors themselves?
Why the silent treatment? That HUGE 800 KG gorilla in the room and nobody notice?

Maybe, 10sen on every single Ringgit if they can even get it back.


This post has been edited by danmooncake: Nov 6 2012, 02:18 AM

I think they're gawking at the words...

Preserving Values, Leaving A Legacy

..with sobbing face.. perhaps still trying to understand.. what does that really mean?

Deep down.. they're perhaps asking.. "whose values? whose legacy? why? why? why?"

Only time can tell.

This post has been edited by danmooncake: Nov 11 2012, 08:57 AM

Sometimes, you would think the stuff that Genneva themselves are doing would give it away..
it is just right in front of them, yet their participants didn't see it.

They've self-published the article "A Gold Ponzi of Mass Deception?" article...just 2 months+ earlier
http://www.gennevaworld.com.my/index.php/a...mass-deception/

Sept 21 (10 days before raid), PPIM urges BNM to look into this...

Sept 25.. (6 days before), FB user Zareen Chua said Not to worry la. I have done my research. Genneva Gold is safe. Yes it is good BNM is looking into all these cos there are many ' fake' ones around.



Oct 1.. Ka boom..

Ironic isn't it?

This post has been edited by danmooncake: Nov 12 2012, 07:15 AM

From 6pm-8pm... they sneak in for unofficial party?

Wow.. according to the "assuring and happy deevali" (or pie-in-face) letter, they really got 67k people bought into this scheme.
This could be the biggest fish ever caught by authority.