Status of the Case involving Genneva Pte Ltd

Question:

Ms Sylvia Lim: To ask the Coordinating Minister for National Security and Minister for Home Affairs regarding the multi-million dollar gold investment scam involving Genneva Pte Ltd reported to the Police in 2012 (a) whether there are any pending cases against suspects th at have not yet concluded; (b) what is the value of the proceeds of crime recovered by the Police; and (c) when can victims file claims to the recovered proceeds.

Answer:

Mr K Shanmugam, Coordinating Minister for National Security and Minister for Home Affairs:

1. The Police concluded their investigation in relation to the case involving Genneva Pte Ltd several years ago.

2. In 2019, six individuals were charged. From 2020 to 2025, five of them were convicted in court of various offences, including fraudulent trading, cheating, and money laundering. Court proceedings are still ongoing for the remaining individual.

3. The Police had seized properties amounting to more than S$1.5 million from Genneva Pte Ltd and its related companies and will be making a court application to distribute them to the claimants.

4. The distribution process is complex and may take some time, as there is a large number of potential claimants. The Police will notify them on the filing of their claims in due course.