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.
ORIGINAL ARTICLE / Artikel Asal