Genneva Malaysia's gold Ponzi scheme cost RM 200 million, 8 jailed up to 9 years

Genneva Malaysia ran a gold investment scheme from 2008 to 2012, selling physical gold bars with a buyback promise. Investors received a certificate of ownership and a physical gold bar. The company promised returns of up to 36%, far above market rates. In Singapore, Genneva collected 3,500 kg of gold from customers told to deposit bars for "inspection," promising return within three days. When it faced financial trouble in 2012, it defaulted on returning gold but kept collecting new deposits, reselling or pawning gold to pay earlier investors.

Bank Negara Malaysia identified the scheme as illegal deposit-taking under the Banking and Financial Institutions Act. The company was not licensed to accept deposits from the public. The Securities Commission and BNM launched investigations, and the company was shut down. In Malaysia, the scheme involved more than RM 200 million in transactions. In Singapore, over S$40 million in losses were recorded, affecting more than 10,000 customers. The total amount deposited across both countries was significantly higher.

The legal case stretched over a decade. In 2018, the Court of Appeal convicted four former directors of money laundering and illegal deposit-taking — each was sentenced to eight years in jail and fined RM 1 million. The company was fined RM 2 million. In 2020, the High Court sentenced eight individuals to between three and nine years in jail. As of 2026, Singapore police were in the process of distributing S$1.5 million in seized assets to claimants.