Posted by bryan_su > 2012-10-02 11:54 | Report Abuse

tony, u at kuchai lama now??

Posted by tonylim > 2012-10-02 12:22 | Report Abuse

nope, never, they even show me a letter that they are authorised gold dealer under the BAFIA

Posted by ledzepp > 2012-10-02 12:30 | Report Abuse

For whatever reason, if one wants to get a banking licence, it's very difficult; but ah longs conduct their banking services openly. If one wants to be a trader, also there are a lot of hassle to go thru' to get a licence; but outsiders open their shops all over, tax free.
We do not inherit this land. Let's share with everyone

Posted by transformer123 > 2012-10-02 12:30 | Report Abuse

Only Banking is governed by BAFIA....
They are not bank...
They are considered as taking deposit illegally...
Also, the gold bar you are keeping can it be accepted by goldsmith?
One word Greedy...

Posted by KC Loh > 2012-10-02 12:36 | Report Abuse

That's correct by transformer123, they are not a banking entity. Whatever good they have done, they have still transgress the laws of the land. They deserve to be checked, before scams are done and then rakyat curse Bank for not doing anything!

Not all laws are right at any moment in time, but they still need to be respected for the sake against chaos and anarchy!

Posted by tonylim > 2012-10-03 00:49 | Report Abuse

transformer, Kc
If memory serves me right, (its been a decade) I think its under section 21 subsection x. Any body here can help would be great.

Posted by KC Loh > 2012-10-05 12:44 | Report Abuse

the word "illegal" seems to be very prominent in this article. it stated first as misrepresentation, etc... but then at the end, illegal seems to be the word by BNM!

http://www.theedgemalaysia.com/business-news/222184-genneva-suspected-of-illegal-deposits-money-laundering.html

Posted by lotsofmoney > 2012-10-05 13:23 | Report Abuse

So now what would happen to the Investors? Waiting, praying, hopeing or just give up ! After all the agony, would they be compensated if the whole operation proved to be just a fisco.

Posted by lotsofmoney > 2012-10-05 13:25 | Report Abuse

I just noted that at the top of this blog is a large advertisement for GOLD TRADING !!! I am not if this is just a joke.

Posted by carries > 2012-10-05 13:50 | Report Abuse

From what was disclosed in the local newspapers, it appears to be some kind of pyramid/ponzi scheme ......

If it is, then in the worst case scenario, the investors will probably only manage to recover a portion of their investment and most likely any monies already received under the scheme, could possibly also be "clawed back" ....

Posted by wongcw60 > 2012-10-05 14:25 | Report Abuse

yes greed is a dirty word and I feel sorry for my colleagues who I believe invested heavily with their performance bonuses(4-6 months) received this year.

Posted by amywo > 2012-10-05 14:39 | Report Abuse

Anything that is GOOD to be TRUE need to be verified.

Posted by transformer123 > 2012-10-05 20:21 | Report Abuse

Bank Negara Malaysia said Geneva involved in money laundering and tax evasion.
To those who stood and back up Geneva, ie.e the investors and agents, one common purpose, want their money back.

Why so unresourceful when being approached and invested without checking the company complied with Bank Negara Malaysia.

The chairman and the directors must responsible for it...
Do not blame Bank Negara Malaysia or others as alert had been warned and published and ignorance of it is the ultimate price you paid for it.

No way back for Geneva....

Swiss Cash is a classic example....

Posted by BullBear > 2012-10-10 15:37 | Report Abuse

If Genneva is a legit company:
1. Why did they fail to comply with the rules and not submit the necessary statutory docs?
2. Why did they not act fast and clear their own name when they first got listed under BNM’s alert list?
3. Why did they list themselves as a trading company and yet sell their product like investment? They even call their clients investors. Shouldn’t they call them customers?
4. Why did Genneva S’pore also got raided at the same time? If BNM made a mistake or acting like bully, are you saying S’pore’s authorities are also making a mistake and bullying their citizens?

If Genneva really have a legitimate secret formula to generate such high returns:
1. Why did they not establish themselves as an investment company first?
2. Why did they not set up their company in Wall Street first? Surely they can make more money there, right?
3. Why do they need to operate like MLM and ask their customers to ‘recruit’ new customers? If their formula is so good, then they would have been famous even just by word of mouth. No need to spend more money paying incentive to the ‘consultants’. Ever heard Warren Buffet setting up a company and recruit like MLM?
4. Why operate from a shop lot in Kuchai Lama? Can’t they afford to rent an office in the Twin Towers? After all they are dealing with gold, right? A more prestigious address can only help boost the image right?
5. Why target all the aunties and uncles as clients? Should they not target the banks and financial institutions? Surely banks and financial institutions have way more capital to invest and make more money in a shorter period of time.

Shouldn’t they at least have a corporate arm to sell to corporate clients? Surely companies want to make money too, right?
Imagine that Genneva has a team of people that can outperform even the best in Wall Street and can reduce Warren Buffet to a footnote.

Why hide and pander to retail customers like uncles and aunties only?
Remember folks, the last person who claimed to be able to consistently turn in profit just a tad higher than the Wall Street experts was Bernard Madoff. He’s behind bars now and is charged with running the biggest ever Ponzi scheme uncovered so far.

If Genneva is legit, shouldn’t they come clean and prove to the world that they do have the magic formula? If they did this then they would be allowed to resume business and will have more customers than they could handle not only in M’sia but the whole world. Why aren’t they doing that?

Folks, judge for yourself! Heheheheheh!!

Posted by BullBear > 2012-10-10 15:54 | Report Abuse

1. Did you read the recent papers and the TV news? Look at all this pathetic people, shouting, screaming and now wanna do a march to Putrajaya just to support GM2?

2. Serve them all right! No one point a gun at their heads demanding them to invest with GM2 in the first place. Moreover they are just being ignorant to know the fact of this is one of the risk and they just blindly believe and they just want to hear what the agent told them abt the 2% profit every month.

3. Now they say it's the whole world fault, BNM’s fault but not theirs'(GREED)! Hahahahahahaha!!

4. The collapse of Genneva S’PORE is now all over the news. Channel 8 TV Sg featured a broadcast about “THE GENNEVA GOLD SCAM”. An investor sued GEN Sg and nobody turned up to defend the suit.

5. So folks, watch out for overzealous sales pitches! If a con-sultant says an investment is risk-free, or guarantees high profits with very low risk, think twice - especially you're pressured to act quickly.

If it's too good to be true then it's probably a scam.

Posted by BullBear > 2012-10-10 15:58 | Report Abuse

To those so called "investors" which are actually just a customers, please join in the discussions and let the truth be known. Heheheheh!!

http://www.facebook.com/pages/Genneva-Customer-Support-Group/162867987187986

Posted by KC Loh > 2012-10-10 15:58 | Report Abuse

bullbear, you are here now? hehehe

salute you man... you are a vigilante for all the wrong reasons! LOL

Posted by BullBear > 2012-10-10 16:05 | Report Abuse

“I can understand all the frustration that is being aired here. And it appears Genneva has been deliverying what they promised but forced to freeze their activities.

However let me explain my view on the technical flaw in this scheme that warrants BNM to take such drastic action. My intention of giving my view is to help enlightened and hopefully will help many here to ask the right questions and direct it to the right party.

In any trading; there must be willing buyer & seller for a transaction to take place at a price agreeable by both parties. The seller will profit from the transaction and the buyer will receive the goods / service. Very clear cut exchange.

However in this scheme, technically the seller do not ‘realized’ its profit yet from the transaction because there is a contractual obligation that a monthly ‘gift’ of 2-3% is given to the buyer and the buyer has the option to sell back the gold at the original purchased price. In this aspect, the seller’s obligations to the buyer becomes a Liability to the seller. To put it in another words, it is the buyer that will receive the profits rather than the seller in this transaction scheme.

Therefore technically this transaction scheme cannot be deemed as trading because the seller doesn’t profit from the goods sold. If it is not trading then where does this lead to?
My next statement may sound absurd and may anger many of you here but please bear with me. My intention is to explain so we can have better judgement & help us understand why Bank Negara has to step in and take drastic measure.

I am saying this scheme is not trading because it is more inclined to money lending business which must be regulated under our Malaysia law. Yes, I just said it; this Genneva scheme is basically a money lending scheme misrepresented as gold trading scheme.

How can this be? You may say there is a sales purchase agreement and gold transacted then how can this be money lending? If its money lending scheme then who is lending to who?

In this scheme, you are the lender. Genneva is the borrower. You bear the financial risk, in return Genneva pays you the monthly interest as we know it as Hibah. At the end of the loan contract, Genneva returns the money to you. During the contract, you keep the gold bar as your collateral if in the event Genneva fails to pay; you don’t loose the full amount lent to Genneva.

If the deal is purely buy & sell with no contractual obligation; then it is clear curlt trading because seller profits and buyer keep the goods. But if there is a contractual obligations for monthly interest & buy back then it is surely money lending, the gold serves as the collateral; the lender profits and the borrower bears the liability.

This issuance of collateral gold is somewhat similar to companies issuing bonds to raise fund from the public. Bonds are meticulously regulated by Securities Commission & Bank Negara because it has to be secured against the company assets such as properties and etc.

The problem with Genneva is that they are not regulated and when they have more buyers (lenders) they are actually increasing the liabilities of the company while profit is not realized yet.

For a typical trading company, the more customers; the more goods trade out, the more profits realized. Clear cut profit realization. For example RM 1 billion of gold sold would generate certain amount of profit based on the profit margin.

However Genneva’s scheme, the more gold sold the more liability it creates for the company because of the obligations to buy back and pay the monthly gift. Therefore Bank Negara had to step in to ensure things are in order and to prevent it to get out of control.

A small complaint would suffice to fuel the urgency for drastic action. It is harsh but neccesary.” - This was a comment made by Richard Chew.

Folks, again judge for youeself Heheheheheheheh!!

Posted by andy118 > 2012-10-10 16:05 | Report Abuse

Can someone enlighten here how they actually operate. I heard that they were given gold bars which is worth the amount they 'bought/invested'? What happened to the gold bars? Fake? Diluted? etc????? Thanks in advance.

Posted by momochacha > 2012-10-10 16:14 | Report Abuse

BullBear, it is too GOOD to be TRUE that your intention is to "help enlightened and hopefully will help many here".... hee heee

Posted by BullBear > 2012-10-10 16:14 | Report Abuse

1. To be fair to BNM, they have issue repeated warnings against involvement with organisations in their alert list but the customers led by the con-sultans had been blinded by their greed and lure of easy money.

2. To be fair to all the victims, these Con-Sultan must be answerable to the law as well – as they are the tentacles of GM2. Earning commission to sustain their golf, international schools for the kids,overseas holidays/education, luxury cars, bungelows and gold hoards at the expense of all these victim is not only illegal, but immoral.

3. Folks, it will be good that all these Con-sultan marched all the way to Putrajaya (as they are planning) to submit themselves to the law. The palace of justice awaits them with an open arm – that we should be assured of, and victims should take comfort of.

Wakakakakakakakakak!!

Posted by BullBear > 2012-10-10 16:20 | Report Abuse

To GM2 so called investors & con-sultants.

1. If money is, as it is often posited, the root of all evil, then where does that leave greed?

2. Let's do the math: Greed takes up most of your time and most of your money, so therefore greed = time x money. And, as we all know, time = money. Ergo, greed = money x money. So, if money is the square root of all evil, then we are forced to conclude that greed is evil as well, perhaps even more so, in that it forced us to do math.


3. But when does the desire to simply possess something turn into unchecked greed? That's easy: when the things that you possess start possessing you.

Heheheheheheh!!

Posted by andy118 > 2012-10-10 16:26 | Report Abuse

Thanks bullbear. From the above it seems they are very kind people giving you money (interest) with no risk (gold bars). If you 'invested' RM 10,000, you will receive RM200 + per month. How does these good people (seller) gets their return. They receive RM 10,000 from you, takes the money to buy gold for you as collateral. Balance zero yet have to pay you hibah, consultation fees, rent, salaries etc. Somewhere along the line there must be a flaw like pure gold + alot of impurities so that the collateral is only a small percentage of what it is worth. Anybody to commend?

Posted by BullBear > 2012-10-10 16:40 | Report Abuse

Greed will always leave you dissatisfied because you'll never be able to get everything you desire. Greed never allows you to think you have enough; it always destroys you by making you strive ever harder for more.

The Straits Times (Singapore)dated 27/09/12: - It citied recent reports where Genneva, a gold trading company offering a buyback scheme, had been taken to court by a customer claiming $190,000.

Genneva is on the Monetary Authority of Singapore’s (MAS) Investor Alert List of unlicensed entities.

Other customers are also reportedly considering suing the company for its alleged failure to honor its part of the agreement to buy back gold.

Posted by euclid > 2012-10-10 16:41 | Report Abuse

While I believe Genneva is a Ponzi Scheme, there is no need to rub salt on the wounds of the investors/customers. Some of them were greedy, but many were just ignorant...

Posted by BullBear > 2012-10-10 17:01 | Report Abuse

To those GM2 folks, just for your info! Heheheheheheh!!

The Business Times © Singapore Press Holdings Limited 25 Sept 2012
======================================================

1. [SINGAPORE] Genneva Pte Ltd, a gold trading company offering a “buyback” scheme, appears to be in hot water.

2. At least one customer has recently won an interlocutory judgment against it in the Subordinate Court, pending an assessment of damages. It remains to be seen, however, whether she will recover her claim of about $190,000. Genneva failed to respond to the writ of summons or to contest the case.

3. The plaintiff, Lee Bee Ghok, is represented by Goh Kok Yeow of De Souza Lim & Goh.

4. A second writ of summons has also been filed in the Subordinate Court claiming a total sum of roughly $86,000.

5. A number of other customers are also looking into launching a lawsuit against the firm for its alleged failure to honour its part of the agreement to buy back gold. One group of about 60 customers, representing a total of roughly $10 million in gold purchases, is understood to be consulting lawyers.

6. Genneva is on the Monetary Authority of Singapore’s Investor Alert list of unlicensed entities. Its scheme basically sells gold to customers at a hefty premium of 20-30 per cent. Customers, however, are told that they enjoy a “discount” of about 2 per cent off the headline price.

7. They are given the option to sell back the gold after a pre-agreed term of one month or three months. The gold can be sold back at the headline price and customers get to pocket the so-called discount. Assuming monthly rollovers, this could mean a return of as much as 24 per cent a year.

8. Genneva’s website lists a price of $96 per gram as at August. This is the equivalent of about $96,000 per kilobar of gold. UOB, which offers gold investment services, sells gold to the public at about $74,500 per kilobar.

9. Sources said that the firm had also offered a “safekeeping receipt” (SKR) scheme some years ago, where the customer does not take delivery of physical gold. The gold is held by the company for safekeeping, and customers can exercise the option to withdraw via a “sellback”.

10. Genneva director Leow Wee Khong could not be reached. Calls and e-mail to the company were not answered.

11. More recently, a source said, customers were marketed a scheme similar to SKR, but under a contract linked to a Malaysian company.

12. BT understands that in the last few months, customers have not been able to sell back their gold. Agents are also owed commissions for up to six or seven months. Customers that BT spoke with managed to make at least one rollover, earning 2 per cent, after which some invested yet more money.

13. Spot gold price touched a high of US$1,888 per ounce last year. It is now trading at US$1,759.

14. Customers who bought from Genneva are in a bind because of the high premium paid. Those BT spoke with paid between $91,000 and $93,000 per kilobar. UOB will buy back from the public at about $69,400 based on yesterday’s indicative prices.

15. Some customers are believed to have filed police reports. A police spokesman said: “It is inappropriate to comment on police investigations, if any.”

16. Based on Genneva’s latest available filings, 2009 revenue came to $236 million. Assets totalled $67 million and liabilities, $68 million. Paid-up capital came to $500,000. The company was registered in 2008 with four directors, three of whom are Malaysian.

17. The three Malaysians – Marcus Yee Yuen Seng, Ng Poh Weng and Chin Wai Leong – are also directors of Genneva Sdn Bhd (GM1). They are being sued by Bank Negara in Malaysia for alleged illegal deposit taking and alleged offences under anti-money laundering laws. The case is ongoing.

18. In Singapore, there are four apparently related Genneva companies registered as businesses. Apart from Genneva Pte Ltd, there is also Genneva Remittance, set up ostensibly for remittance services, and Genneva Syariah, described as gold bullion traders and dealers.

19. In March, Genneva World Pte Ltd was registered also for gold trading. It has six Singaporean directors, one of whom is Mr Leow, the Genneva director.

20. Customers are concerned that assets of Genneva are being transferred to Genneva World, which is expected to trade on a similar business model. Sources say that some customers have been invited to transfer their contracts to Genneva World, but they are asked to keep 30 per cent of their gold holding with the company.

21. Genneva’s model appears to fall into a grey regulatory area. Because there is typically a physical purchase of gold, the company is not classified as an investment adviser. The so-called discount that customers are extended is also not described as a yield or return.

Posted by BullBear > 2012-10-10 18:14 | Report Abuse

Just a thought, and hope those in know are able to share: -

1) Are those consultants / agents selling the scheme on behalf of GM2 be held liable to all those who had bought from them as well?

2) Now that investors are not able to call up GM2, they will surely look up the agents that sell them the scheme. How would these consultants / agents response? Will they be held responsible as well, especially by those who had yet to receive their gold bars after payment had been made?

3) When GM1 was raided by BNM, what happened to their consultants / agents? Had any of them been sued by their clients?

Folks, any comment?? Heheheheheh!!

Posted by BullBear > 2012-10-10 18:56 | Report Abuse

Well to those victims no one put a gun at your head to force you to buy. Anyway JUST BRACE YOURSELF FOR THE CONSEQUENCES. IF PEOPLE DO NOT LEARN FROM HISTORY, THEY WILL REPEAT AND BECOME HISTORY....hahahahaa

Well folks, blinded by greed sympthom!

Posted by BullBear > 2012-10-10 21:22 | Report Abuse

KUALA LUMPUR Oct 10

1. The recent raids on companies suspected of operating illegal investment schemes using gold were conducted in the interest of protecting investors as well as the public at large from falling victims to the illegal schemes.

2. In a joint statement today the Attorney General’s Chambers the Royal Malaysia Police and Bank Negara Malaysia said 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.

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

4. 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 the agencies said.

5. The statement added that 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.

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

So folks, if it's to good to be true you can bet it's a SCAM!! Wakakakakakak!!

Posted by jester > 2012-10-10 22:21 | Report Abuse

When there is a plan that is too good to be true, RUN away!

Posted by andychucky28 > 2012-10-11 08:46 | Report Abuse

This is the BIGGEST SCAM of the year in Malaysia

Posted by chongkonghui > 2012-10-11 09:02 | Report Abuse

Yesterday news! The company asset NOT Tally. Proven is SCAM!?

Posted by Hustle > 2012-10-11 09:15 | Report Abuse

Temporary, if anyone want to sell you the physical Gold from the under investigating 87 company please don't buy,even with 50%-60% discount rate.If the under investigating company suddenly consider as guilty by offense government law,all the Gold bar under this company will consider as no trustee product or stolen Good,even though the Gold is genuine.No gold smith will dare to accept the Gold that appear from thin air,because it will related to police case.

Posted by BullBear > 2012-10-11 09:44 | Report Abuse

Source: The Business Times Singapore (Tuesday, September 25th 2012) -
Gold Trading Firm Taken to Court By Customer By Genevieve Chua


While the media in Singapore is warning the public on gold-guaranteed schemes, it’s highly unfortunate that our fellow Malaysians are getting into such schemes after being lured with high returns & free iPads.

Well folks, blinded by greed!! Serve them right? You tell me, folks! Hahahahahahaha!!

Posted by BullBear > 2012-10-11 09:51 | Report Abuse

So folks, watch out for overzealous sales pitches! If a telemarketer says an investment is risk-free, or guarantees high profits with very low risk, think twice - especially you're pressured to act quickly.

If it's too good to be true I bet it's a SCAM!

Posted by BullBear > 2012-10-11 10:08 | Report Abuse

Well folks, when the make money the are laughing all the way to the bank. When GM2 got raided they blame it's the world's fault!

Sadly folks, there are still people falling into the same trap all over again.

Samudra JV = GM1 = GM2 = Gold Scam!! Hahahahahaha!!

Posted by BullBear > 2012-10-11 10:35 | Report Abuse

Well folks, GM2 gave them a short happiness which has turned into a long misery.

I hope this has taught them a lesson: Probably an expensive lesson learned indeed but sadly GREED never learn! Wakakakakakakakak!!

Posted by Peter Lee > 2012-10-11 10:38 | Report Abuse

it a scam,dont greed lo

Posted by liverpool9 > 2012-10-11 10:49 | Report Abuse

Bottom line greed and deception...........Greed on all the investor ....deception....he he ....it seems now the culprit is bank negara(BNM)...sounds funny......its is call wayang kulit or shadow boxing!!!! Aiyah....can not cover already created a scene by using BNM!!!!
No compensation..

Posted by BullBear > 2012-10-11 12:05 | Report Abuse

1. 2012 has been predicted as the end of the world or the end of human civilization, a view attributed by some contemporary writers to an ancient Mayan prophecy.

2. Well folks, I think it is more likely 2012 will spell the end of Genneva Gold. The world, however, will remain safe. So will those smart enough not to get involved in High Yield Investment schemes again!

Hahahahahahahaha!!

Posted by BullBear > 2012-10-11 12:27 | Report Abuse

1. Several clients and gold traders of the company cried foul over the raid.

2. 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.

3. "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.

4. 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.

5. "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.

Folks, the comments above just shows the level of greed of the people and still calling it a legitimate business. Cannot expect from people who invest in Genneva to be intelligent or have any rational thinking as you can definitely see from this kind of comments.

And jumping from GM1 to GM2 or other "gold investment company" in the BNM investor alert list shows what kind of intelligence people have.

Folks, serve them right! Agree?........Hahahahahahah!!

Posted by BullBear > 2012-10-11 13:17 | Report Abuse

GENNEVA’S GAME PLAN by PC Wong - Part I

# Genneva paid up is RM50,000. The plan is to use Other People’s Money (“OPM”) to make a profit, to get rich quick.

# It is a fact of life that a sucker is born every second, so there are no shortage of suckers to lead up the garden path, to take for a ride, to part them from their money. KLANG Valley has population of 5 million approx. If 10 % of these are working adults with some money savings, there are 500,000 potential victims. But not all are gullible or greedy people. Say out of these 500k ppl, one in 25 are gullible and greedy, so the no. of potential victims is 20,000. See the size of the market for Genneva?

# The GMs, and the general public, are aware of the phenomenal rise in gold price in recent years. The time seems right to build up the hype concerning the superlative advantages of gold commodity investment.

# The GMs, genuinely or otherwise, reach the conclusion that gold will continue it’s price surge upwards, inexorably. To profit massively, massive bets must be made with huge positions taken. To do this, huge leverage is needed and what better way than to do this with OPM.

# For Dragon Year promo the Genneva offer was that you buy their gold at GOLDBEAM price (25% over spot price), you receive hibah or dividend 3% pm for 3 months (total 9%), and they. guarantee buy back at original price at end of term. Reportedly RM800m worth of gold was sold.

# The GMs’ expectation, prediction and gamble was that gold would have gone up by more than 25% over the contract term. If this had indeed happened the investors needed not to sell back the gold. Then GMs would have collected a cool RM800m x (20% markup- 9% hibah) = RM88m profit.

# Can you imagine RM88m profit from a RM50,000 investment over 3 months? This is the Genneva gamble !! Do you know that the GMs would have pulled off this stunt if indeed the price of gold had shot through the roof?

Posted by BullBear > 2012-10-11 13:44 | Report Abuse

GENNEVA’S GAME PLAN by PC Wong - Final Part

# What if the price of gold does not shoot through the roof? The Genneva options:

(1). The Park In scheme whereby you leave the gold with them and they pay you more hibah. REALITY: Your gold is used to sell to other buyers.
(2). Renting gold to Genneva for profit. REALITY: Sell your gold to others, your money investment not backed by gold.
(3). Safe Keeping Receipt. REALITY: Same as above.
(4). Secretly arranging Bank Negara to raid the Company, after hiding away all the money and the gold, then blame the GOVT for spoiling the party.
(5). Declare bankruptcy/insolvency and walk away, of course after hiding all the money and the gold.

# Options 1 – 3 are to buy time in the hope that the gold price will suddenly shoot through the roof.

CONCLUSIONS
##############

# Genneva is a huge money scam, a PONZI.

# The hibah are paid out of investors’ own money.

# Genneva is making a gigantic gamble on the continued spectacular rise in gold price, using OPM.

# Last year the gold price went up to USD1,900/oz; that was the time Genneva should have taken profits, close down the operations. But they got greedy and got caught in their own belief that gold price will shoot up to USD5,000 or 10,000 as predicted by some oracles eg Peter Schiff etc (featured in Genneva Facebook).

# The current sideways movement of gold price is causing intolerable cash flow problems to Genneva because hibah and commission payments are overly lucrative. See what is happening in Genneva S’pore – read hardwarezone Sg website.

GENNEVA IS TAKING A MASSIVE GAMBLE WITH THE INVESTORS’ MONEY. IN THIS GAME, IT IS HEADS GENNEVA WINS, TAILS INVESTORS LOSE. DO NOT GET INVOLVED IN THIS MONEY SCAM, OR GET OUT WHILE YOU STILL CAN!!

Posted by pirate99 > 2012-10-11 13:54 | Report Abuse

Good write up & summaries BullBear !

How about Public Gold ?

Posted by Jonathan Keung > 2012-10-11 14:02 | Report Abuse

this is interesting. what about public gold (another trading company) not related to public bank bhd. seen a recent magazine write up (front page)on their cover?

Posted by chongkonghui > 2012-10-11 14:11 | Report Abuse

Where got chance to get out now??

Posted by BullBear > 2012-10-11 14:13 | Report Abuse

1. Please view here: http://www.bnm.gov.my/index.php?ch=en_financialconsumeralert&lang=en#con_alert

List of companes & website

2. Further news on Public Gold: http://www.publicgoldsarawak.com/ver2/about-public-gold-2/

Posted by Hustle > 2012-10-11 14:32 | Report Abuse

Don't think PB Gold will get in trouble,still remember during opening lots of big gun come to support.In this world, that's nothing to be illegal if you have enough power & good profit distribution to all party.

Posted by EKLIM > 2012-10-11 14:45 | Report Abuse

Is very simple if you 1 to get high profit it must be high risk. This is the game. Normally, Gov will come in when there is a complaint and they wouldn't inform or give investors a chance to get back their money before they take action. This is what our gov do, so wait loh....and also be careful when you do illegal internet transaction through foreign countries website if the gov disconnect the website your money will be gone.

Posted by BullBear > 2012-10-11 14:49 | Report Abuse

Folks, maybe this raid was well planned by Genneva since early this year so they can blame it on the authority.

Now the question, folks. Will there be any GOLD bars left during the raid ?

It's a scam from day one (Samudra JV = GM1 = GM2). WHEN THE SOLDIERS CAN'T PERFORM ANYMORE (To Lure in new contract $ to pay the old hibah/commission) THAT'S THE TIME TO ESCAPE.

What say you, folks? Hahahahahahaha!!