2 Biggest Money Game Schemes in Malaysia | Do You Know Them?

Scams and Ponzi schemes are often referred to as “money games.”

People are drawn into these schemes by the promises of quick riches. Such services are truly in high demand. In Malaysia, there are over 40 money game scam operators lurking around. The demand stems from a desire for higher investment returns; people are willing to take risks involved and ignore the warning signs displayed by non-legitimate investment platforms.

Case 1: Genneva Malaysia Sdn Bhd was involved in the biggest gold trading scandal/scam a few years ago. The company was sued for RM146 million by about 1,065 gold traders who claimed the corporation owed them money and gold and could not pay it out. It was allegedly reported that the collapse of Genneva Malaysia Sdn Bhd was because it had 10 times more liability than assets, therefore, was unable to meet its obligations. As The Star reported in October 2016, 11 individuals, including Genneva, were cleared of more than 1,000 counts of accusations relating to illicit deposit taking and money laundering.

Case 2: Investors in the then-famous financial game JJ Poor To Rich (JJPTR) were alerted on April 19, 2017, that their purported investments in the forex trading scheme had utterly vanished. According to the founder, the scam, which promised 20% monthly returns, failed due to...full article: https://www.wikifx.com/en/newsdetail/202212021854671349.html?source=emily