KOTA KINABALU - Hundreds of people in Sabah, including many school teachers, are believed to be among investors of gold trading scheme run by Genneva Malaysia Sdn. Bhd whose promise in Malaysia and Singapore were raided by the authorities for suspected offences under the laws.
Bank Negara (BNM) said on Monday the joint raiding operation was carried by the police, Domestic Trade, Cooperatives and Consumerism Ministry, Companies Commissions of Malaysia and the central bank.
BNM said Singapore’s Commercial Affairs Department also conducted a similar operation against Genneva Pte Ltd in Singapore.
Report on the raids had prompted scores of anxious investors to converge at the company’s headquarters in Jalan Kuchai. Maju 6, kuala Lumpur, and tis office in Penang, to seek clarification.
Bank Negara Malaysia spokesman Lee Poh Fong said a statement would be issued after investigations had concluded.
“There is nothing wrong with gold trading but we want investors to be careful against those promising high returns.” she said, referring to a previous press release issued on Sept 5.
According to the domestic Trade, Cooperatives and Consumerism Affairs Ministry’s enforcement division, the action was in response to numerous complaints by invertors.
Division head Mohd Roslan Mahayudin said besides Bank Negara, the lead agency heading the operations and investigations, the ministry had also been receiving complaints over the past four months from people who had allegedly lost their investments.
“the decisions to raid Genneva was carried out by a task force led by BNM to probe get-rich-quick schemes,” he said.
Sources familiar with the investigations said the company was being investigated for offences under money-laundering and deposit- taking laws.
Singapore’s Commercial Affairs Department conducted a similar swoop on Genneva Pte Ltd Orchard Towers office in the city-state on Monday.
Genneva has ceased all transactions pending the outcome of the investigations.
In a public statement posted on its Facebook page and website, the fifm urged agent and customers to stay calm while it settled the issues with the authorities.
BP
I suggest they carry out proper investigation.
ReplyDeleteProper investigation is needed to calm all the gold investors.
DeleteSemakin membimbangkan sekarang ini jika ingin membuat pelaburan.
DeletePeople should be careful about the get-rich-quick schemes all over.
ReplyDeleteBut this case is gold investment, it sounds more stable than investing shares.
Deletebe prepare to take the risk..
DeleteIf so easy to get higher returns, then everybody does not need to work. Just invest and the money will come to you. Nonsense!
DeleteIt is up to the people who are investing in schemes like this.
ReplyDeleteLet's see the outcome after settling issues with the authorities.
ReplyDeleteSingapore has conducted a similar operation against Genneva Pte Ltd, this is big issue, if anything goes wrong all the investors dreams will be destroy.
DeleteWho know if this scheme really works?
ReplyDeleteIf it works, Malaysia and Singapore authorities wouldn't bother to investigate these company.
DeleteOnly the people who runs this scheme know the truth.
DeleteGenneva Malaysia Sdn. Bhd should be investigated by the authorities for suspected offences under the laws.
ReplyDeleteThree more gold investment companies in Kuala Lumpur have been raided for suspected illegal deposit-taking.
ReplyDeleteThe premises of Pageantry Gold Bhd, Caesar Gold Sdn Bhd and Worldwide Far East Bhd were raided yesterday by Bank Negara, police and the Ministry of Domestic Trade, Cooperatives and Consumerism.
DeleteAmong others, they are being investigated for money-laundering, tax evasion and avoidance, false description, including misrepresentation, and appointment of unlicensed agents, Bank Negara said in a statement.
DeleteBank Negara said that relevant assets and documents had been seized from several premises of Genneva and the residences of the directors of the company. The investigations followed police reports lodged by “various quarters” against the company
DeleteMost of the investment centers are not aware of money-laundering of their clients, these gonna destroy the company reputation.
DeleteSympathy those investors, invest but no return.
DeletePenipuan lebih canggih mengikut peredaran masa
DeleteCharles Ponzi was a sad case. Though it wasn't gold during his time. Not that sophisticated yet at the time. Still he managed to dupe investors to part ways with great amounts of their hard earned dollars.
ReplyDeleteI think Ponzi was a case of a simplified Financial Planner. He deposited investors money into a few banks and perhaps waited for some meagre interests for the amounts deposited. In turn promised investors stars as returns. Meanwhile, perhaps had a joyride investing in personal mansions using clients money.
When investors got 'wind' of the real situation they all wanted their investment money back. To have a constant line-up of investors to pump in money to service high interest promises perhaps became impossible when perhaps Ponzi was just looking down on the following day. Depended only on his gift of the gab. It resulted in runs on banks where those money were kept. Perhaps brought down some banks to their knees. All money withdrawn as a result of no confidence.
Lucky for some to have received a fraction back.
Hati2 sebelum buat pelaburan
ReplyDeleteYou better keep your money in a bank and invest with a reliable company.
ReplyDeleteYou should study the company 1st before you go an invest with them.
ReplyDeleteya, kaji dulu mengenai sesuatu syarikat itu sebelum melabur dengan mereka.
DeleteMust be more careful and do not easily trust others.
ReplyDeleteSo many cases have been reported scheme like this often manipulate the investors only.
Deleteharus berhati-hati agar tidak mudah terpedaya dan menjadi mangsa.
ReplyDeleteharus teliti dan periksa dulu apa yang perlu sebelum terlibat dalam sesuatu pelaburan.
ReplyDeleteTransaksi jual beli dan pelaburan emas Syarikat Genneva Malaysia Sdn Bhd didapati tidak mematuhi sepenuhnya peraturan hukum syarak dan undang-undang negara.
ReplyDeleteoperasi syarikat tersebut didapati tidak mematuhi sepenuhnya Parameter Pelaburan Emas seperti diperakukan oleh Muzakarah Jawatankuasa Fatwa.
DeleteBank Negara pun sudah memberi amaran kepada orang ramai agar tidak masuk pelaburan yang menjanjikan pulangan bulanan. Genneva pun salah satu syarikat yang di bawah perhatian Bank Negara.
ReplyDeleteThe real trouble will come after BNM ceases its investigation and allows the company to resume its operation. Many buyers will definitely redeem their gold bars in bulk and surely cashflow problem will be anticipated by the company to repurchase the gold bars.
ReplyDeleteThree more gold investment companies in Kuala Lumpur have been raided for suspected illegal deposit-taking.
ReplyDeleteThe premises of Pageantry Gold Bhd, Caesar Gold Sdn Bhd and Worldwide Far East Bhd were raided by Bank Negara, police and the Ministry of Domestic Trade, Cooperatives and Consumerism.
DeleteAmong others, they are being investigated for money-laundering, tax evasion and avoidance, false description, including misrepresentation, and appointment of unlicensed agents, Bank Negara said in a statement.
DeleteThey are the latest gold investment companies to be raided after Geneva Malaysia Sdn Bhd, which is being investigated for similar offences as The Star front-paged.
DeleteAt press time, officials were still at the Pageantry office in Setapak and the Worldwide Far East premises in Bandar Baru, Sri Petaling.
DeleteNo one could be seen around the Caesar Gold base in Jalan Klang Lama.
Delete
DeleteOf the 87 companies on Bank Negara's consumer alert list, 18 are involved gold investment activities.
The investigations followed police reports lodged by "various quarters" against the company, the statement added.
DeleteBank Negara had acted against Genneva in 2009, but it was back in operation after changing its name.
Delete
DeleteThe central bank advised the public to check with the relevant authorities when dealing with companies or individuals offering seemingly attractive business opportunities or financial services.
Delete"The public are reminded to be cautious in investing in unregulated schemes," it reiterated.
Bank Negara stressed that enforcement agencies would act against illegal financial schemes "to protect the interest of the investors and the public at large".
Delete