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SINGAPORE: The police have seized properties totalling over S$1.5 million (US$1.16 million) linked to the Genneva gold scam case and will be seeking a court order to distribute them to the claimants.
Home Affairs Minister K Shanmugam said this in response to a written answer on Tuesday (Jan 13) to a parliamentary question from Ms Sylvia Lim (WP-Aljunied). She had asked about the status of the case, the value of the crime proceeds recovered by the police and the process for victims to file claims on the recovered proceeds.
Genneva was a Singapore-registered gold investment company that sold gold bars under a buyback scheme between 2008 and 2012, promising returns of up to 36 per cent over a contract period.
The company implemented a scheme that required customers to deposit their gold bars with them for "inspection purposes", with an equivalent quantity of gold returned soon after.
Genneva ran out of gold bars to return to its customers when the collection of gold for the inspection exercise slowed down in September 2012, the police said previously.
Some of the collected gold bars were pawned.
The police concluded their investigation in relation to the case several years ago, Mr Shanmugam said in his written response on Tuesday.
Six people were charged in 2019. From 2020 to 2025, five of them were convicted of offences including fraudulent trading, cheating and money laundering.
Court proceedings are still ongoing for the remaining individual, Mr Shanmugam said.
The police will be making a court application to distribute the S$1.5 million in properties seized from Genneva and its related companies to claimants.
"The distribution process is complex and may take some time, as there is a large number of potential claimants," said Mr Shanmugam.
"The police will notify them on the filing of their claims in due course."
Source: CNA/nh(rj)
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FAST
SINGAPORE: The police have seized properties totalling over S$1.5 million (US$1.16 million) linked to the Genneva gold scam case and will be seeking a court order to distribute them to the claimants.
Home Affairs Minister K Shanmugam said this in response to a written answer on Tuesday (Jan 13) to a parliamentary question from Ms Sylvia Lim (WP-Aljunied). She had asked about the status of the case, the value of the crime proceeds recovered by the police and the process for victims to file claims on the recovered proceeds.
Genneva was a Singapore-registered gold investment company that sold gold bars under a buyback scheme between 2008 and 2012, promising returns of up to 36 per cent over a contract period.
The company implemented a scheme that required customers to deposit their gold bars with them for "inspection purposes", with an equivalent quantity of gold returned soon after.
Genneva ran out of gold bars to return to its customers when the collection of gold for the inspection exercise slowed down in September 2012, the police said previously.
Some of the collected gold bars were pawned.
The police concluded their investigation in relation to the case several years ago, Mr Shanmugam said in his written response on Tuesday.
Six people were charged in 2019. From 2020 to 2025, five of them were convicted of offences including fraudulent trading, cheating and money laundering.
Court proceedings are still ongoing for the remaining individual, Mr Shanmugam said.
The police will be making a court application to distribute the S$1.5 million in properties seized from Genneva and its related companies to claimants.
"The distribution process is complex and may take some time, as there is a large number of potential claimants," said Mr Shanmugam.
"The police will notify them on the filing of their claims in due course."
Source: CNA/nh(rj)
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