Genneva office has been Raided

http://biz.thestar.com.my/news/story.as … c=business

http://sphotos-a.ak.fbcdn.net/hphotos-ak-ash4/424764_4174611876495_482408243_n.jpg

KUALA LUMPUR: The authorities in Malaysia have raided gold trader Genneva Malaysia Sdn Bhd and its affiliates for suspected offences under the laws administered by the respective enforcement agencies.

Bank Negara said on Monday the joint raiding operation was carried by the police, Domestic Trade, Cooperatives and Consumerism Ministry, Companies Commission of Malaysia and the central bank.

BNM said Singapore’s Commercial Affairs Department also conducted a similar operation against Genneva Pte Ltd in Singapore.

“The public is advised to be cautious in investing their money to avoid becoming victims of activities that are illegal and in breach of the law,” said BNM.

According to Genneva’s website, it is a corporate member of the Gold Bullion Entrepreneurs Association of Malaysia which represents Gold Bullion dealers in Malaysia.

The company also says it sets the pricing of Gold Bullion products for its members in Malaysia.

The website said the company has evolved to become one of the leading and most innovative gold traders in Malaysia.

Its business model was based on the Syariah principle of “Al-Bai”. To make the transaction more attractive, Genneva rewards its customers with discretionary payments.

Genneva also said it is a reporting institution under the Anti-Money Laundering and Anti-Terrorism Financing Act, (AMLA) 2001 and understands its responsibilities and duties.


For those who have Genneva gold bars, you can melt and keep it, or pajak kat kedai.

it does not say under which act it was found to be in offense no?

BNM case against Genneva
http://www.bnm.gov.my/microsites/frauda … tm#genneva

Genneva running suspicious scheme in their investment plans.

Genneva sdn bhd and genneva malaysia sdn bhd not same leh -.- oh well

http://klse.i3investor.com/servlets/fdblog/195455.jsp
Samudra GV Sdn Bhd or some refer them as Samudra GV gold, has changed to a new name called Genneva Malaysia Sdn Bhd. They still do the same business, that is selling gold and giving out rebates and to repurchase the gold from buyer at the purchase price.

What I saw from the web that recently Bank Negara Malaysia BNM has granted Shariah Compliance to Geneva Malaysia gold or formerly known as Samudra GV gold.

For the past few years, there are many changes and news in this Geneva Malaysia gold investment, such as changes of name two times, change in rebate percentage, change in rollover period, investigated by Bank Negara Malayisa, etc. Notwithstanding the chances, customers can still make about 20% returns per year from their gold investment. Many saying that this is scam or pinzi scheme, but they have been operating for the past few years. They even have the photo of Dr Mahathir in the launching of the Genneva Malaysia gold products.

I wonder how physical gold bullions from other companies actually differ from the ones offered by Maybank (Kijang Emas) for instance.

That’s why some say trading gold electronically would be safer (of course it’s a disadvantage to non tech savvy investors).

Oh well, I don’t know much about gold investment/trading.

http://silverinmalaysia.com/genneva-rai … -malaysia/



The gold that commercial banks offers are against their reserves in gold, hence, subscribers do not get to own the actual gold but the virtual kind. Our banks are regulated by Bank Negara thus safer than private establishments.
Almost all countries’ national banks have their country’s reserves in gold traded in the international market where they sell when the country needs money or buy more to increase their reserves. No physical bullion exchange actually takes place, it’s all being done under the roof of the international gold bullion depository. One of the measures against a country’s wealth is their reserves. Then there are countries who are not in the system where sanctions have been imposed against them by UN (USA) and countries such as China who thinks it is none of anybody’s business to know what her reserves are :slight_smile:

[quote=“Eugene91”]I wonder how physical gold bullions from other companies actually differ from the ones offered by Maybank (Kijang Emas) for instance.

That’s why some say trading gold electronically would be safer (of course it’s a disadvantage to non tech savvy investors).

Oh well, I don’t know much about gold investment/trading.[/quote]

http://thestar.com.my/news/story.asp?file=/2012/10/2/nation/12110572&sec=nation

PETALING JAYA: The police, Bank Negara, the Companies Commission of Malaysia and the Ministry of Domestic Trade, Cooperatives and Consumerism jointly raided gold trading firm Genneva Malaysia Sdn Bhd and its affiliates in the country for various suspected offences.

Singapore’s Commercial Affairs Department also conducted a similar operation against Genneva Pte Ltd in the republic.

In a statement released yesterday, Bank Negara said the raid was to probe suspected offences under the laws administered by the agencies.

The public is advised to be cautious in investing money to avoid becoming victims of activities that are illegal and in breach of the law, the statement read.

Waiting patiently: Customers gathering outside Gennevas office in Jalan Kuchai Maju 6 as the raid is in progress.
The website for Genneva Malaysia remained accessible providing visitors with information on the company’s background and contact details, among others.

The firm’s Singapore portal, however, was not fully accessible.

The website for the Genneva Pte Ltd at http://www.genneva.com.sg/, takes visitors to a single page with the message that reads: Work in progress, to ensure all obligations to our customers and consultants are met.

The message urged for calm and cooperation during these trying times as we work out amicable solutions for everyone.

Genneva Singapore’s Facebook stated: Pray for positive outcome while the new management is working round the clock to solve problems.

We Shall Overcome!, read a message posted on the page yesterday afternoon. (http://www.facebook.com/GennevaWorld.Sg)

Meanwhile, several clients and gold traders of the company cried foul over the raid.

A trader, who only wished to be known as Nick, said money earned from the purchase and sale of gold had helped fund his son through university.

There has never been any complaint by the clients. The company has helped the livelihood of thousands of people. Why are the authorities interfering in a legitimate business? he asked.

Another trader, S. Shanti, said the money from her buying and selling of gold, which she stressed was done with the relevant documentation and tax deductions, had helped pay for her mother’s dialysis weekly treatment costing RM1,000 over the past three years.

If they put a stop to this company, how am I going to foot the expensive bill for my mother’s health? she asked outside the company’s office in Jalan Kuchai Maju 6.

She was among 100 customers, aged between those in their 20s and 70s, who had gathered at the office in support of Genneva after hearing of the raid yesterday afternoon.

They hoped that the authorities would complete the investigations and leave the company alone after that.

It was learnt that Bank Negara held a briefing with all the other agencies in Putrajaya at 8am before the simultaneous raids were conducted.

Staff at the Jalan Kuchai Lama office had their statements recorded until about 9pm before they were allowed to leave.

Officers at the scene were tight-lipped over the operation. However, they were seen carting away documents and files from the two premises located opposite each other.

As of 9.30pm, Bank Negara officers were still going through the records while customers of the company waited.

Oh wow, same old tactics again. Suspected offences -.-

double post

Any fools who has invested with them deserve to lose all their money! There is no gold bar except steel bar with gold paint!

lol. any fool would know steel bar with the same weight painted in gold will not be the same size as steel and gold does not have the same density.

More info in Star…

http://thestar.com.my/news/story.asp?fi … sec=nation

http://thestar.com.my/news/story.asp?fi … sec=nation

Today Star

Wednesday October 3, 2012
Investors and traders throng Gennevas offices following raid by govt agencies

KUALA LUMPUR: Anxious Genneva Malaysia Sdn Bhd investors and trading agents thronged the company’s headquarters here in Jalan Kuchai Maju 6 and its Penang hub to find out if their savings were safe in the wake of the raid by several government agencies.

Fears were rife because many of them had invested large sums of money in the company’s gold trading scheme.

Shereen Lim, 54, who quit her job as a timber exporter to concentrate on gold trading as a consultant, said she felt victimised after the raid because her main source of income was affected.

Many of my customers have been using the money from gold trading to support their children’s further education, their aged parents or to pay medical bills, she said.

This raid is affecting our rice bowl and causing us a lot of hardship.

The Genneva office remained shut yesterday despite a gathering of more than hundred-strong crowd, most of them consultants.

Some of my clients are retirees in their 70s and 80s. They have put in their life savings here, said Pat Lu, a senior consultant who also went into gold trading to fund her son’s college education.

My aunts and uncles are also customers. They buy gold from me, too, she said, adding that they had been getting monthly returns called hibah (a discretionary gift in Islamic banking).

I’m wondering when my commission is going to be paid, because my son’s fees will be due. If not for Bank Negara’s raid, I wouldn’t be worrying, she said.

Another consultant, Moy Fook Thong, 75, said investors trading with the company receive physical gold in the form of wafers a few days after making payment.

However, due to the investigations, many customers and consultants had not been able to receive their gold or commissions, Moy said.

In GEORGE TOWN, Genneva regional director Datuk Joseph Kow held a closed-door meeting with some 100 consultants and investors at the office yesterday, where many of them expressed confidence in the firm’s legality.

It is believed that among other things, Kow spoke about the raid on Monday and that more information would be released when company chairman, Tengku Muhaini Sultan Ahmad Shah, returned from London.

Like many of the consultants interviewed, Mazri Mahmood, 41, said the swoop had created many problems for his customers.

Most of us are worried because the company’s bank account has been frozen following the raid. Our transactions have also been interrupted, he said.

lol. any fool would know steel bar with the same weight painted in gold will not be the same size as steel and gold does not have the same density.[/quote]

Ahem…

According to WNYW, the deception happens when a hollowed-out, real gold bar with serial numbers and papers is filled with cheaper tungsten, since it weighs nearly the same.

http://usnews.nbcnews.com/_news/2012/09 … -city?lite

Looks Royal family involved. Surprised what made various agency to go head with the raid. More interested to see what will be the outcome of the investigation and further action to be taken.

Someone must have stepped on the wrong foot… :roll:

true, however, almost all investors in such elaborate schemes don’t even get to see the fool’s gold, it’s all based on misplaced trust usually by word of mouth…one telling the other of this good thing that’s in town and all’s well untill someone throws a spanner into the gears, then the roof comes down…sigh :cry:

lol. any fool would know steel bar with the same weight painted in gold will not be the same size as steel and gold does not have the same density.[/quote]

Today Star, Letter to Editor

Wednesday October 3, 2012
Gold raid long overdue

I REFER to the front page report on the raid on Genneva Malaysia Sdn Bhd Raid on gold trader (The Star, Oct 2).

The authorities should have acted long ago.

Now, millions of ringgit of innocent depositors and investors are at stake. My deepest sympathies go out to them.

I was approached by a consultant of the company, shown some gold investment schemes, and told not to worry about storing gold as it would be in the form of a deposit account that paid guaranteed attractive interest rates.

Being in a financial institution, I knew that only a licensed bank could do so.

So I rejected the scheme even though it appeared attractive.

Undeterred, the consultant insisted that the scheme was perfectly legal and even showed me the companys profile, letter of incorporation, form 49, etc.

I was later invited to their office for a preview which I rejected.

Living near their office, I often passed by and saw huge crowds outside on most weekday nights.

For added security, there would be police standing guard at the office. What is puzzling is that this scheme had been going on for at least four years.

Many investors are not aware that a company can be legally registered or incorporated (eg. Sdn Bhd) with a minimum RM2 paid up capital, but the business may not be legal.

There are many more such schemes in the form of gold investments, forex, land banking, plantations, etc. which are illegal.

From the laypersons perspective, deposits are regulated by Bank Negara Malaysia (BNM) and investments by the Securities Commission (SC).

But we would later be told that such schemes, better known as interest-based schemes, come under the Companies Commission of Malaysia (CCM).

There is much confusion here.

These products are usually marketed like unit trusts.

The Securities Commission should be the main regulatory body for this kind of investments. A phone call to the SC would verify whether this company is properly registered and its business legal.

When will all this stop?

These investment schemes have definitely tarnished the nations image with local and foreign investors.

We need to streamline and consolidate the regulatory bodies for all investment schemes.

Set up a dedicated hotline and website which the public can use to verify the legality and authenticity of the scheme.

Education programmes should also be conducted to forewarn the public about such schemes.

THOMAS

Kuala Lumpur

smack head so many Genneva ‘investors’ putting the blame on the government :shock:

A comment:
“For all the Genneva Malaysia Supporter…I support u…For your info, this has happen before to other company…THIS IS WAY THE BN GOVERMENT GET MONEY TO BUY VOTE IN THE BY ELECTION…take the people money thru BNM and say all the lies…but the actual fact to it is FINANCE their DIRTY ways of contesting the PRU13…just a point to ponder!!!”

https://www.facebook.com/notes/genneva- … 2698838295

This Ponzi scheme seems to work well with a lot of greedy Malaysians :lol:

just keep away from any gold investing company. they are bad news. money laundering ada. ponzi ada. illegaldeposit taking ada. semua ada…