EmGoldex on Central Bank of Malaysia investment blacklist
The Central Bank of Malaysia are the primary financial regulator for the Malaysian economy.
As Malaysia’s Central Bank, Bank Negara Malaysia promotes monetary stability and financial stability conducive to the sustainable growth of the Malaysian economy.
Part of those duties sees the bank maintain a
a list of companies and websites which are neither authorised nor approved under the relevant laws and regulations administered by BNM.
EmGoldex, a gold-based Ponzi scheme, was added to that list on the 10th of April 2015.
The Central Bank advises that
The public is advised not to make any deposit or investment with individuals and entities that are not regulated under the relevant laws and should conduct the necessary checks with the relevant authorities if there are doubts regarding any schemes offered.
EmGoldex solicit €540 EUR investments from affiliates on the promise of a €3500 EUR ROI. This ROI is funded by subsequent affiliate investment.
Malaysia’s investor warning brings the total number of recent EmGoldex regulatory actions to three.
Earlier this year the Philippines SEC issued their own warning against the company. Meanwhile over in the US, late last year civil fraud charges were brought against US-based EmGoldex investors.
In response to the Philippine warning, EmGoldex threw investors under investigation under the bus. The company urged affiliates not under investigation to report their fellow investors to the SEC.
Whether EmGoldex investors in Malaysia will be subject to the same treatment remains to be seen.