Source from (The Sun Daily): http://www.thesundaily.my/news/512569
Published: October 11, 2012
sunbiz@thesundaily.com
PETALING JAYA (Oct 10, 2012): The Attorney General's
Chambers, the Royal Malaysia Police and Bank Negara Malaysia said the
recent raids against four companies suspected of operating illegal
investment schemes using gold, were conducted in the interest of
protecting the investors as well as the public at large from falling
victim to illegal schemes.
In a joint statement today, the authorities said the joint raids were
done on Genneva Malaysia Sdn Bhd, Pageantry Gold Bhd, Caesar Gold Sdn
Bhd and Worldwide Far East Bhd after surveillance and examination were
conducted on these companies, which found that "they are operating
schemes that are believed to be not sustainable to provide the promised
high monthly returns, nor would they be able to provide the buy back
guarantee of gold".
"Such schemes are not sustainable because the returns promised are
not funded through gold trading, but from the monies invested into such
schemes. The investigations have also revealed that the amount of assets
and monies held by these companies do not commensurate with the amount
collected from their investors," said the authorities.
"Prior to the joint raids, it has been noticed that these companies
have delayed in returning gold or money to the investors within the
stipulated time as promised. Such signs are early warning indications
prior to the collapse of such schemes that would result in significant
losses to investors," they added.
Investors and gold traders of the four affected gold trading firms
had cried foul over the raids by the authorities, saying their life time
savings have been affected. They had also voiced concerns over the
state of the gold bars that had been seized during the raids.
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