The troubled saga of the Genneva gold investment scam continues to unfold, as the authorities push forward with plans to compensate victims affected by the scandal. During a recent parliamentary session, Home Affairs Minister K Shanmugam announced that the police would seek a court application to distribute seized assets valued at over S$1.5 million.
Details on the Court Application
In response to queries from Aljunied MP Sylvia Lim, Shanmugam revealed that the process of distributing the seized assets is intricate. With several potential claimants involved, he noted that the police will inform victims about how and when to submit their claims.
- Seized assets: Valued at over S$1.5 million.
- Six individuals charged for their roles in the scam as of 2019.
- Between 2020 and 2025, five individuals have been convicted, while proceedings for one remain ongoing.
Background on Genneva
Genneva, a Singapore-registered company, operated a gold investment scheme from 2008 to 2012. Customers were sold gold bars with the promise of investment returns. However, the company reportedly collected approximately 3,500 kg of gold from customers but only managed to return 2,940 kg. The rest appears to have been sold or pawned, leading to the company’s eventual collapse in late 2012.
Next Steps for Victims
The Home Affairs Minister acknowledged the multiple layers to the claim process due to the number of victims involved. As investigations decline, the police are working on notifying affected individuals about the forthcoming claims procedure.
As the matter progresses, many will be hoping for a timely resolution and to see some form of restitution for those impacted by this well-publicised scam. Victims who were left in the lurch are awaiting their chance to recoup losses from this historical debacle.