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I remember profitable plots claiming towards the end on their website that they had never been an investment company they were a product company. This was despite the fact that they had run many Profitable Group adverts as a global investment company. These schemes do have a cycle of offering amazing returns and then denying such offers ever took place.
ReplyBNM replied to a question.
BNM FaceBook
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If SC is the regulatory body for unit trust, which authority regulates gold trading?
Bank Negara Malaysia | Central Bank of Malaysia (Official):
Dear Adly… There is no restriction of buying and selling gold or silver in Malaysia. However, if the gold/silver trading – investment scheme clearly offers investment opportunity by collecting deposits from the public and investors are promised investment returns/profits within a certain period of time, whereby the original investment will be refunded or in other words if a company appeared to be involving in illegal deposit taking by using gold/silver to camouflage its activities, it maybe contravene section 25(1) Banking And Financial Institutions Act 1989 (BAFIA).
We have investigated and charged numerous instances involving companies having illegal deposit-taking and trading in gold as their underlying products that might contravene Section 25(1), BAFIA such as Genneva Sdn Bhd, Bestino Group Berhad, Gold Label Sdn Bhd. For your information, we also monitor these activities very closely and we will not hesitate to conduct investigations should a company appears to be involved in illegal deposit-taking using gold to camouflage its activities.
ReplyIn the event that these personal assets are found to be far in excess of reasonably obtainable income (or proof thereof), the SOURCE of these assets will be investigated.
ReplyI guess it is for tax evasion, money laundering, maybe even deposit taking.
ReplyThe latest BNM update on 18.10.2012 is more revealing in that directors and key personnel of these raided gold companies in Malaysia have been ordered to declare their personal assets. False declaration is, of course, a criminal offense. Guess which direction the authorities are moving towards?
ReplyThe gold company raids were a joint operation by BNM, Companies Commission, Domestic Trade Ministry and Police. Each authority has its laws and regulations to oversee. For example, BNM has oversight of illegal deposit taking and money laundering activities but has failed to successfully nail the four directors of GM1 in court, allowing them to continue a similar scheme with GM2. How embarrassing indeed for BNM and how to ensure there will be no GM3?
Enter the other 3 authorities, each with their enactments and regulations that they can throw at the gold company directors and key personnel. If these 3 authorities are involved, they have good reason to suspect numerous breaches of the relevant laws under their jurisdiction.This time, the Police are also involved, so elements of criminal malfeasance must be suspected. There’s a big black hole in the gold companies finances, as disclosed by BNM, just where did all the missing money and gold disappear to?
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