Gold Fraud Alert: Authorities in Malaysia, Singapore raid gold trader Genneva's offices

By Editorial Team -
From TheStar:
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.
http://biz.thestar.com.my/news/story.asp?file=%2F2012%2F10%2F1%2Fbusiness%2F20121001171542&sec=business

From the Central Bank of Malaysia:
Members of the public are advised to be careful and not fall prey to these schemes. Be careful if these operators approach you with the following proposals:
  • The approach may have been by mail, telephone, Internet or in person, but the intention is always the same, that is, to take money from unsuspecting victim for goods or services that they have no intention to provide.
  • Schemes which promise interest rates, returns or profits, which are much higher than the returns offered by licensed financial institutions for their deposits.
  • The promises of high returns are aimed at attracting the public to participate in the schemes and the investors may not be given any copies of the complete agreements by the company.
  • There is also no assurance that the operators of such schemes can continue to pay the high returns.
  • At the beginning of such schemes, the operators are able to use money received from subsequent depositors to pay high returns or to repay the principal amount to earlier depositors.
  • However, the operators cannot invest the deposits in equally or more lucrative ventures or investments and therefore cannot sustain the high returns or repayment promised to their depositors.
  • Please note that these schemes will fail if there are no new deposits being continually received by the operators. At that time, such "get- rich-quick" schemes will collapse and the depositors or investors will lose their investments.
http://www.bnm.gov.my/microsites/fraudalert/06_faqs.htm

Comments

Post a Comment

Pages

Popular posts from this blog

Glutathione vs NAD: What's the Difference?

By Editorial Team -
Image
What's the difference between glutathione and NAD? We will cover the essentials and explain about each of these nutrients below.  What is Glutathione? Glutathione or GSH (tripeptide of glutamic acid, cysteine, and glycine) is referred to as the body’s “master antioxidant” or the “mother of all antioxidants” because it is your body’s primary and most prevalent protector, found in all mammalian tissue. Types of Glutathione There is a lot of confusion about GSH and what makes an effective glutathione supplement. There are different types, different formulas, and a lot of different companies saying different things. L-Glutathione or Reduced Glutathione because it is the most commonly found, least expensive, and the true core behind other forms you will find. There is some debate whether L-Glutathione alone can be effective taken orally. The theory being the enzymes in your stomach break it down before it can ever reach the blood stream and become useful. Some  evidence ...
Read more

7 Best Crypto Exchanges Malaysia 2025

By Editorial Team -
Image
The best cryptocurrency exchanges work similarly to the best stock trading apps, offering competitive fees and resources on digital marketplaces like mobile or desktop. Crypto enthusiasts can easily buy, sell, and store popular digital currencies like Bitcoin or altcoins like Ethereum. Note that if you don't want to use your exchange's built-in wallet (if applicable), you'll need to set up an external crypto wallet, to store your assets securely. Here are some cryptocurrency exchanges you can use to buy Bitcoin or Crypto in Malaysia. 1. Luno (Previously known as BitX) Luno is the most popular digital asset exchange to buy Bitcoin or cryptocurrency in Malaysia which has served over 3 million users from more than 40 countries. They allow Malaysian users to buy Bitcoin, Ethereum, XRP and Bitcoin Cash through a Malaysian Ringgit (MYR) trading pair (i.e BTC/MYR). While they are probably the most renowned cryptocurrency exchange in Malaysia, the headquarter is located in South Af...
Read more

Stem Cell Therapy Malaysia: Price and Reviews (2025)

By Editorial Team -
Image
Stem cell therapy has gained popularity as a promising treatment option for conditions where the current medical treatment protocols have been exhausted. However, there is also a lot of confusion due to the overwhelming flood of disinformation and mixing of credible scientific information and marketing hypes available on the internet.  Currently, there are more than 300,000 scientific studies published on  PubMed.gov  and more than 8,000 on-going stem cell related studies on  clinicaltrials.gov . Contents We have compiled and summarised essential information below in layman's terms so that you can understand and make a better informed decision. We have sifted through the internet and filtered out the junks out there. We have summarised essential information and provided some relevant links in order to facilitate your research for 'Stem Cell Therapy Malaysia' in one place. Do go through them and do your own research and hopefully, you will be getting the best possible...
Read more

12 Best SME Business Loans in Malaysia 2025

By Editorial Team -
Image
SME or also known as Small and Medium-sized Enterprises are businesses that maintain revenues, assets, or a number of employees below a certain threshold. These business entities are often regarded as the heartbeat of Malaysia’s emerging and developing economies. Apart from providing vast numbers of employment opportunities, SME businesses are generally entrepreneurial in nature, helping to shape innovation. Generally, there are two criteria to be met in order for your business to qualify as an SME -- your annual sales turnover and the number of full time employees in your company. This also implies differently for each economy sector: Manufacturing (Small SMEs) Sales turnover RM300,000 to < RM15 million Full time employees 5 to < 75 people Manufacturing (Medium SMEs) Sales turnover RM15 million to < RM50 million Full time employees 75 to < 200 people Services & Others   (Small SMEs) Sales turnover RM300,000 to < RM3 million Full time employees 5 to < 30 ...
Read more

10 Best E Wallets in Malaysia 2025

By Editorial Team -
Image
An e-wallet or a digital wallet is a feature within an app that allows transactions to be made via a smartphone. Similar to a traditional 'wallet', the e-wallet stores digital cash instead of physical cash. The prominence of e-wallets in Malaysia has grown significantly in the past few years, with its huge growth mainly driven by the government’s efforts and active marketing efforts by various companies. Credit: CompareHero.my Let’s check out the popular eWallets in Malaysia now with their payment method, top up method and other features as below: 1) E Wallet Touch 'n GO Malaysia Courtesy of tngdigital.com.my TouchnGO eWallet is owned by TNG Digital Sdn Bhd, It’s an all in one e-wallet service covering all existing and future Touch ‘n Go products & services, with the Slogan “Shaping the future of e-payments for Malaysians”. Payment Method : QR Code Transfer to Friends : Yes, with Phone Number Top Up Method : FPX, Credit or Debit Card, Reload Pin, or Auto Reload Merchant...
Read more

BYD vs Tesla Sales Malaysia 2024: BYD ATTO 3 remains best-selling EV in Malaysia, beating Tesla Model 3

By Editorial Team -
Image
2024 was quite an exciting year for the Malaysian EV market as we welcomed a range of new electric cars , ranging from budget-friendly SUVs to ultra-luxurious sedans. If we look at the sales numbers, a total of 19,208 EVs have been registered so far this year, according to the data recently released by the Road Transport Department (JPJ). On comparing it with the EVs sold from January to November in 2023, we can see a whopping increase of 86%. Well, this clearly shows that Malaysians are adopting eco-friendly rides at a faster pace, helping the government to achieve its carbon neutrality aim by 2050. In case you are looking to buy an electric car or want to know which ones are leading the charts, here we bring the top 10 best-selling EVs in Malaysia. BYD Atto 3 The top-selling EV in Malaysia is the  BYD Atto 3  which hit the local roads in late 2022. The automaker sold a total of 2,749 units of the electric SUV in the first eleven months of the year. The Atto 3 is likely to re...
Read more

Tesla vs BYD: The Race for EV Supremacy (2024)

By Editorial Team -
Image
Introduction In the rapidly evolving landscape of electric vehicles (EVs), two companies stand out: BYD and Tesla. Both have made significant strides in the industry, but they approach the EV market from different angles. BYD ( OTCM:BYDDY ), hailing from China, has a history in battery production and a broad range of EV offerings, while Tesla ( NASDAQ:TSLA ), based in the US, focuses on high-end electric cars and innovation. This article delves into their market performance, technological advancements, and sustainability efforts to understand their positions in the global EV race. Market Performance BYD and Tesla have shown impressive growth in recent years. Tesla’s sales figures have skyrocketed, thanks to popular models like the Model 3 and Model Y, making it a household name in many regions. Meanwhile, BYD has seen substantial growth in China, the world’s largest EV market, with a diverse lineup including buses, trucks, and passenger cars. Tesla’s aggressi...
Read more

The billionaire's social calendar for 2025: The must-attend events for the world's wealthiest business icons

By Editorial Team -
There are about 3,320 billionaires in the world. That's about 0.00004% of the global population. Despite their scarcity, billionaires are surprisingly easy to find. After all, birds of a feather — especially those of a small brood — flock their private jets together. At the start of the year, they descend en masse on Davos. In July, they fly to Sun Valley for the Allen & Company Conference. And they wrap it up with New Year's Eve in St. Barts. Here's where the wealthiest among us mingle, wheel and deal, and relax, and how you can join them — for a small price, of course. January: Davos After billionaires shake off their New Year's Eve hangovers, many join world leaders and head to Switzerland for the World Economic Forum's annual meeting in Davos to attend lavish dinners, hit the slopes, and discuss the global problem du jour, which, this year, is collaboration for the intelligent age." The event, which will take place from January 20 to 24, is invite-only ...
Read more

20 Best Medical Cards in Malaysia 2025

By Editorial Team -
Image
Private hospitals in Malaysia will normally require a deposit before they admit you. This can usually be paid by cash, debit card or credit card. However, if you have a medical card, most private hospitals will accept admission without the deposit (cashless admission), after receiving the guarantee letter from the medical insurance company. If you do not have a medical card, you might want to consider having one. Given the options available, it's not easy to decide which of these to choose from. We take a look at the most popular medical cards in Malaysia and try to assist you in deciding which gives you the best value. Source: The Star Online, "Planning for healthcare costs in retirement", 4 October 2015 Compare best medical cards offering cashless admissions with flexible benefits and paying 100% of your medical bills, from major insurers in Malaysia. Here is the list: AIA Medical Card Malaysia WEBSITE:  www.aia.com.my ADDRESS: Menara AIA, 99 Jalan Ampa...
Read more

Best 6 Retirement Villages in Malaysia 2024

By Editorial Team -
Image
Are you thinking of finding the best retirement home  for your parents in Malaysia? The demand for retirement homes in Malaysia can only go up in view of the increasing number of senior citizens in need of retirement homes that are affordable with good quality related support services. Malaysia is one of the top 10 retirement destinations in the world, based on the  Annual Global Retirement Index for the year 2020 .  Malaysian cities are clean and modern, its public transport unrivalled, and its people the friendliest in Asia. And while other Asian countries offer great budget holidays, and some offer first-class vacations, Malaysia manages to cater extraordinarily well to both. Next, you may need to understand some of the retirement related jargons here. There are many related terms such as retirement village, retirement home, retirement resorts, old folks homes, nursing homes, dual-key etc. So that we are on the same page, let's stick to the terms as defined by the Mala...
Read more