There is a price to pay for scamming people.
Genneva Malaysia Sdn Bhd, the Malaysian company behind the illegal gold investment pyramid scheme back in 2013, has been found guilty of money laundering and illegal deposit taking in the High Court today.
Back in the day, the company was well known for highly aggressive direct-selling tactics, baiting a large number of people into its scheme, which promised “high investment returns”.
Genneva Malaysia Sdn Bhd will be fined RM450 million, alongside 2 other companies, Success Aptitude Sdn Bhd, and Ng Advantage Sdn Bhd, who were co-conspirators of the crime.
The three companies and eight individuals altogether were charged in 2013, and found to have illegally collected around RM7 billion in deposits, who later laundered RM4.5 billion elsewhere.
All 8 individuals, who were either former directors or advisors of the companies, were sentenced between 4 to 9 years of jail time, and a fine of RM1 million to RM4 million each depending on the severity of their crimes.