It makes me feel really sad to read about news of people lost substantial amount of their saved money to con-men or to some irresponsible deposit taking institutions. The Enron and Madoff Ponzi cases are good real life lessons that we should have learned by now that there are many 'wolves under sheep's clothing' and that proper and dilligent screening must be undertaken before parting with your money into the hand of these deposit taking organizations.
Back in the Malaysian shores, quite a number of these illegal entities have mushroomed without being detected by the relevant authorities. Just about two days ago, i received a phone call from a good friend of mine. He told me if i knew anything about an organization called Geneva (M) Sdn. Bhd. I told him honestly that i don't and he mentioned that his sister-in-law had invested RM 23000 in this organization which deals with gold bars. The return was good and he has the notion to invest as well, but since he has a bit of doubt he decided to get a second opinion from me. Frankly speaking, i knew that Bestino Sdn Bhd and Virgin Gold Mining which deals with commodity gold has been declared an illegal deposit taking scheme, unapproved by the Bank Negara or Security Commission of Malaysia. I have advised him to run through a check-up with the Bank Negara and Security Commission to find out the status of Geneva (M) Sdn Bhd.
The website address are : http://www.bnm.org.my/ and http://www.sc.com.my/
Section 25(1) Banking and Financial Institution Act 1989 (BAFIA) and section 4(1) of Anti-Money laundering and Anti Terrorism Financing Act 2001 (AMLATFA) prohibits any person from receiving, taking, or accepting deposits without having a valid license.
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