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By October 31, 2012 2 Comments

Genneva Malaysia Gold Investment Programme

Genneva Malaysia Gold Investment Programme

Genneva Malaysia Gold Investment Programme

Genneva Malaysia Gold Investment Programme is the latest GOLD investment company that was raided by the Bank Negara. It was reported that BNM seized 200kg of gold bullion estimated to be worth a whopping RM40 million from Genneva Malaysia’s premises in Jalan Kuchai Lama here on October 1.

For those who are new in the Gold Investment Programme, Genneva offered extremely high returns of up to 24 per cent per annum and was in existence for the past few year and the programme was launched  by Dr Mahathir  on December 15, 2010.

Genneva Malaysia Gold Investment Programme

How Genneva Malaysia Gold Investment Programme works ?

  • How the scheme worked was the gold was priced at between 18 per cent and 20 per cent above market rate, and purchasers were paid guaranteed monthly returns of about three per cent.
  • The physical gold was not passed to the buyer and the company would buy back the investment after the end of the contract period.
  • Through Genneva’s unique wealth sharing platform, you are not only the owner of the gold bullion in hand, you also will get 1.8-2.5% cash return (hibah) every month for 3 months under Genneva’s Syariah principle-based product plan.

Genneva Gold Investment Flow Chart

 

Genneva Hibah Rate

Genneva Hibah Rate

 

This meant that the customer’s return on investment appeared to have been funded by the principal capital put into the scheme which was above the market rate for gold.

 

The Issue !

Bank Negara has  frozen Genneva Malaysia’s accounts, cheques and other assets, on suspicion the company violated various banking and financial laws which include taking deposits without giving gold in return, money laundering, evading taxes, appointing agents without licence, failing to file statutory documents, and misrepresenting itself as an investment firm and giving false descriptions on its business after several people lodged complaints with the police.

They bristle with indignation that the company is a Ponzi scheme or a get-rich-quick scheme despite the exceptionally high returns which many government officials and critics have pointed out was too good to be true.

 

Posted in: Economy

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