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Monday, October 1, 2012

Breaking News : Genneva Malaysia Raided By BNM

The authoritites mainly Bank Negara Malaysia, Police, Companies Commission of Malaysia and the Ministry of Domestic Trade, Cooperatives and Consumerism jointly raided gold trading company Genneva Malaysia and its Jalan Kuchai Lama office and various branches thru out the nation. The Singapore's Commercial Affairs Department also conducted a similar operation against Genneva Singapore.

Many consultants and customers gathered at the Genneva office once got to know about BNM raided the company.

Judgement day for Genneva Malaysia. Wait to be seen whether this company can survive the storm and emerge as a genuine gold trading company.

From sources, BNM investigating few offences Genneva might breached mainly:

1) MLM activities.

2) Violation under the BAFIA and AMLA act 

3) Complaints from customer about delay in gold delivery.

This is truly a testing time for Genneva, its consultant and all customers. More info to share once got more detail received from source. Stay tune.


  1. hope everything will be fine....

  2. Hope BNM will come to their conscience that there is nothing wrong with genneva's operations. MLM? Hahaha! So funny that I almost fell off my chair! No such thing! Go and raid AMWAY if MLM is an offense.

    AMLA? Must be joking. All customers signed a form to declare that money used to buy gold is from legal sources (BNM advise to do this in the first place, just like commercial banks do it).

    BAFIA? Under which section? Illegal deposit taking? Where got deposit? All purchase are made in cash and on willing seller willing buyer basis.

    Late delivery? What? Like when you buy a new car and wait 5 months for it to be delivered? Honda? Toyota? Very funny.

    All rubbish!

    Not attacking the admin, this is just to rebut BNM's excuses for the raid.

    1. Good explanation. Raided years ago also and the customers still waiting for their money to be returned. Court case after court case, just postponing and postponing. Damned! Do you believe they really needed so many years of postponement and still no answer?

  3. Use our brain to think, what business is so good that give a return 0f 2% per month? Assuming they are selling the Gold at RM200,000.00 per Kg.. They pay monthly 'hibah' of 2% i.e RM 4000.00...If its a 3 month contract, the purchaser will get a return of RM 12,000.00...If the purchaser decides to STOP, the purchaser will sell back the gold at RM200,000.00...making a clean profit of RM12K in 3 month OR 24% return per year...BUT HUMAN character is GREEDY...THEY DONT STOP, the purchaser reinvest the RM200,000 + RM12k (capital + profit) again and again...UNTIL ONE FINE DAY THE PURCHASER LOST EVERYTHING

  4. when the people fear the government there is tyranny, when the government fears the people there is liberty....

  5. interesting

    there have been many scams very similar to this before. poor investors, you will never get your money back. Its gone. Sorry guys


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