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No such business comes with high return low risk

Bank Negara has listed six offences committed by Genneva Malaysia Sdn Bhd.

KUALA LUMPUR: The authorities are investigating Genneva Malaysia Sdn Bhd and its related companies for suspected offences which include illegal deposit taking, money laundering, tax evasion and avoidance.

Bank Negara Malaysia said on Friday the other suspected offences included false description including misrepresentations, appointment of agents without licence and failure to lodge statutory documents.

http://biz.thestar.com.my/news/story.asp?file=/2012/10/5/business/20121005113751#13494850154065475&if_height=486

I have seen similar Ponzi scheme named Gold Coin Trading about 13 year ago in Penang also, a university classmate invited us after the reunion gathering to a seminar about making money in gold coin investment.

Another friend and me advised our classmates that no such high return and low risk investment in the legitimate business world.

I told him that I would enter the scheme IF I were in the first layer to earn easy money from many downliners.

Gold coin scheme busted several years later and many people lost their hard-earned money. None of my classmates falling into that making quick money scheme.

Some businesses can earn up to 50 – 100% annual returns like Arowana breeding in one or two years ago. But the business always comes with very high risk like a whole batch of fishes perished.

Let use your brain, not your little brother to think how and where Genneva got the money to pay 18-36% handsome annual return to investors?

The mark-up price for gold bar sold to investor is 25%, thus how on earth the company can pay 36% bonus?

Do you believe Genneva generates recurring positive cash flow to sustain its business model in the long run?

My answer is BIG NO.

The late coming downliners will be ultimate losers after the cash flow drains out.

Genneva consultants cry foul over ‘deprived money’

GEORGE TOWN: More than 100 consultants and customers of Genneva Malaysia Sdn Bhd here continue to cry foul over the raid on the company.

Apparently, more than 10,000 customers and 500 consultants in Penang were affected by the Bank Negara operation.

Genneva consultant Mary-Irene Ooi, 55, insisted that many of them had put their life savings into a legitimate business.

“We are buying gold, which is universally accepted. Like other goldsmith shops, Genneva is also selling gold but on a different platform in a scheduled and regulated manner.

“Bank Negara is free to conduct a probe on the company, but please do not take away our money,” she said at a press conference organised by the company at its office in Gelugor here.

Another consultant Yeoh Ah Guak hoped that the suspension would be lifted immediately.

“I have been using the returns to fund my children’s education,” said the 49-year-old. “Many retirees are also relying on these to pay their medical bills.”

S. Venkatason, 64, claimed that following the raid on Genneva, he could no longer support his daughter’s tertiary education amounting to RM1,000 monthly.

“I have been enjoying the returns for the past two years and everything was smooth sailing,” he said. “I’ve been having sleepless nights for the past one week.”

Venkatason also urged the authorities to expedite their probe into Genneva so it could resume operation soon.

Earlier, Genneva regional director Datuk Joseph Kow held a closed-door meeting with consultants and customers at the office in Jalan Tengku Kudin.

The nkkhoo.com comment board with Facebook account.
Azuan says:

Luckily as a bumiputers I can get 8.8% annually from ASB.

I must remind readers not to invest in dubious money-making scheme set up by local celebrity (e.g. AC Mizal) as they are likely to be ponzi or pyramid scheme!

Trust Amanah Saham Bumiputera, it is a scheme exclusively for malays!

herman says:

Someone forwarded this to me.
I thought it is good to share it to understand why people subscribe to Genneva which is endorsed by Tun M:

——————————————-

Simson Moi:
4Years ago, the world economic down turn and hit the whole world and our country have no exception and every 1 is suffer from that. My wife lost her job and I my self also affected by either accept a pay cut or choose to leave the company. Like most families, we survive living at KL with double income but now I ‘ve to struggle to keep my wife alive alone. Over the years working with a little money we have, we foresee it wouldn’t last long and we are fortunate enough, we find Genneva and the Hibah we received from them consistently we survive for the past 2 years. During that horrifying 4 years, we never ask for any help from our government, ( they jaunt can’t do anything even if I did ), or getting any loan from the bank or loan shark, and I’m still paying tax as a duty of a citizen of this country. At last we truly hope Genneva Malaysia can resume their business and let our life live on peacefully

Alan Leon:
I am a government pensioner and for the last 16 months have depended solely on Genneva’s hibah to sustain my family and me. I still have a very young son whose education and whole future depends on this hibah. I have withdrawn all my FDs, Amanah Saham 2020/Wawasan, EPF money, Public Mutual, Wife’s Jewellery, and all other bank accounts and even sold off family antiques and heirlooms to purchase the gold. In all the 16 months I have received ALL hibah payments. Genneva has not defaulted, not even once. There is absolutely NO element of cheating or deposit taking. I am holding the gold now and have confirmed it is 100% 999.9, 24K genuine gold. With the Bank Negara raid I don’t think my family and I can survive cos the future appears extremely bleak. For the last few days, I have not eaten, been staring at the 4 walls in my room and my mind is a total blank. I humbly appeal to Bank Negara and to YBhg Tan Sri Dr Zeti Aziz, Governor of Bank Negara to unfreeze Genneva’s account and allow it to resume trading with immediate effect.

Kunasegeren Rajoo:
Being a father of 5 kids and feeding a number of 8 people family, this recent issue has caused a massive impact on my income. All my kids are studying. 3 of my kids are studying in the University where they travel on a daily basis. A sudden investigation on Genneva which has been an honourable association that has been providing us the Hibah on a timely manner. It has been really helpful for middle class family like mine to have a stable life in the current economy status. It is really unfair that Bank Negara just out of the blue raids Genneva and 60,000 people are being affected. I really think BNM needs to provide more reasonable explanation for this sudden disaster. I really wish the investigation will be done as soon as possible because, it is not 100 people but it is thousands of families income. I would like take this opportunity to Thank Genneva for all their support and I will pray that all this ends soon. RAKYAT DIDAHULUKAN ,,,,,,Said PM…

Celine Ong:
Since I was introduced to GM about 20 mths ago, it’s been a turning point to my family’s life. The burden of raising up 3 school going children, supporting our mothers, funding of our son’s medical expenses were lifted. We hv also been able to sail through the crisis while many are finding it hard to survive with the rising inflation rate. A huge sum of debts were paid off. Many buyers are happy to be able to hedge against inflation. A single mother, thanked GM with tears of joy, for helping her to hedge against inflation. With the hibah payment, she was able to celebrate her son’s birthday in the church, brought smiles to many children and orphanages who attended the church. BNM, pls return GM to us, return our customer’s gold and return the smiles to 60K rakyat!

Elaine Yap:
We rely on hibah to pay for our mom medical expenses as she is suffering from motor neuron disease which is a deadly disease. My family members put our hard earn money in GENNEVA gold savings plan the purpose is to let our mom to have better medical treatment and better life hope one day she can be cured. But now the nightmare comes and we will be facing financial crisis if the authority depts are not going to uplift the suspension and let GENNEVA resume their buiness, let us continue to earn the hibah so that our mom will have a better chance of recovery. I urge the related authority depts to help us please………

Yeap Kim Lai:
I am a retiree whose not working right now. Yes I can depend on my EPF money but for how long for sooner or later its going to become zero if I do not invest into something. I have a child in college 1st year which requires fees of RM5000 every quarter while not forgetting his travelling and food allowances. With Genneva coming into the picture nearly two years now, I am able to substain myself without other people supporting me like my day to day spending, petrol and so on. Do BNM want us retiree to be dependent on our children or others when we can actually take care of ourself without putting pressure on the childrens whose trying to survive in our present economy. BNM tell me that Bank can pay high returns if I put my money with them then YES I would go with the bank but for now they give mesirable interest or dividends

Chen Sie Yeo:
I must say Genneva Malaysia SB (from hereon GM) is a SAVIOUR to me and all the about 200,000 Malaysians who are trading Gold with GM for the last 4-5 years. I buy Gold from GM to earn the Hibah money that helps me pay living allowances for my 88 years old wheelchair-ridden stroke-striken belived mother. The Hibah also helps ease ever escalating living costs in our beloved country: Malaysia while we strive to achieve the 2020 Goals & 1 Malaysia targets. Hooray Genneva! We sincerely urge Bank Negara Malaysia to immediately return all GM Gold Bars, Server & Devices and all documents snatched from GM and declare that GM is free from all future RAIDS from Bank Negara Malaysia & all other related Government authorities & Consumer Association and PPIM. Thank you very much BNM for your kind consideration & subsequent approval ? May ALLAH Bless YOU, BNM & ALL MALAYSIANS. MAY PEACE, HARMONY, PROSPERITY, UNITY, EQUALITY, HAPPINESS & HEALTH BE WITH ALL MALAYSIANS.

nkkhoo says:

These people are greedy stock with the intention to make easy money from downliners.

Gold trading firms business model not sustainable

http://themalaysianreserve.com/main/index.php?option=com_content&view=article&id=2285:gold-trading-firms-business-model-not-sustainable&catid=36:corporate-malaysia&Itemid=120

Ras says:

I think people decide to invest because they do not believe in BN high income nation vision.

greg says:

I am sure nkkhoo was once tempted to invest in Gold to earn quick easy money; and he came to his senses but not many especially the housewives. Right ?

nkkhoo says:

I pity those late comers who are greedy. Actually they all know the handy-panky risk in such quick money scheme.

Hamzah says:

Amanah Saham Bumiputera = Zero risk, min 8% annual return guaranteed!

nkkhoo says:

Your grandchildren have to repay whatever borrowed money to make present generation happy.

hao2 says:

Genneva Malaysia, Syariah Official Launching by Dr Mahathir:
http://www.youtube.com/watch?v=b0-Nso97tD8

Dr. Mahathir galak rakyat simpan emas (Utusan 18/12/2010)
Beliau berkata demikian ketika ditemui pemberita selepas merasmikan Pelancaran Produk Emas Genneva Malaysia berkonsepkan syariah.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=1218&pub=Utusan_Malaysia&sec=Dalam_Negeri&pg=dn_10.htm