Based on the independent investigation of an affiliate “agent”, the following entities are suspected to be involved in possible fraudulent and scam activities in Asia and elsewhere.
GENNEVA INTERNATIONAL, INC.
A company that sells gold wafers and bars to the public without any gold authenticity certification.
Promises to investors 1.8% (for 50g – 95g of gold purchases) to 2.5% (for 3kg and above of gold purchases) in cash returns every month.
- The group is operating mainly in China, Hongkong, Malaysia, Singapore, and the Philippines.
- It is also targeting Thailand and the Middle Eastern nations as their next stops for business.
- Incorporated by SEC in the Philippines but is suspected to be performing unauthorized business activities. The names of Philippine officers are not known.
- Back in Oct 2010, the so-called Genneva International, Inc. founders, who are also the directors of Genneva Sdn Bhd in Malaysia – Ng Poh Weng, 60, faced 263 charges involving RM185mil while Marcus Yee Yuen Seng, 58, faces 234 charges amounting to RM153mil and Chin Wai Leong, 34, face 210 charges involving RM212mil. All of them were charged at Kuala Lumpur Sessions Court for an offence under Section 4(1) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA).
- Earlier in July 2009, Bank Negara (Central Bank) froze their personal and company bank accounts including all their gold bars.
- Genneva Pte Ltd, also a gold trading company in Singapore, with the same directors from Malaysia’s Genneva, lost a lawsuit from one of its investors claiming $190,000 with a second writ of summons for a total sum of $86,000 in the pipeline.
- Genneva Pte Ltd., is now in the Investor Alert List of the Monetary Authority of Singapore (MAS)
TVI EXPRESS (TRAVEL VENTURES INTERNATIONAL)
- “Travel Ventures International is a leading multinational conglomerate. TVI Express is a dynamic company dedicated to bringing today’s lifestyle-conscious consumers the most superior travel and hospitality products & services, as well as providing a unique opportunity to promote TVI Express through Independent Distributorships.”
- Claims to have Headquarters in London UK but domain search results trace its location in Bangalore, India.
- Moved from bigger countries like USA, China, Australia, India, and the rest of Europe and Africa. Currently operating in smaller countries like the Philippines, Vietnam, and Indonesia.
- ABC2 of Maryland highlighted TVI Express as a scam spreading in Maryland, USA.
- Hungary authorities suspect TVI Express to be operating a pyramid scheme.
VIRGIN GOLD MINING CORPORATION (VGMC)
- Included in the Investor Alert List of Monetary Authority of Singapore (MAS)
- “Unauthorized Websites/Products/Services” watchlist in Securities Commission of Malaysia.
- Claims to have their headquarters in Panama.
- The offering of Convertible Preferred Stocks or CPS of VGMC is not also authorized by Panama’s Superintendencia del Mercado de Valores (SMV). Therefore, VGMC’s offering is even illegal in Panama.
- Monetary Authority of Singapore (MAS)
- Securities Commission of Malaysia
- Superintendencia del Mercado de Valores (SMV)
Local Scams To Avoid
1) Future Net-Networking Marketing Association of the Philippines
2) CBR Global Group
3) Central Mindanao Mutual Benefit Association
4) North East Luzon Foundation, Inc.
5) Finance Global Marketing Services
More Scam Groups To Be Revealed
Greed and lust for money never stops. Learn how to avoid investment scams.
On our next posts, we will be revealing more scams that continue to prey on individuals from different walks of life. Especially those that have e-books and gift certificates as products and those that do pre-selling of hospital stocks.
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