SINGAPORE, Jan 13 — Singapore police have reportedly seized properties worth more than S$1.5 million (about RM6.08 million) linked to the Genneva gold scam and will apply to the court to distribute the assets to victims.
According to Singapore’s CNA, Minister for Home Affairs K Shanmugam said investigations into the case have been completed and authorities are moving towards the distribution stage.
“The distribution process is complex and may take some time, as there is a large number of potential claimants,” he was quoted as saying.
Shanmugam said police would notify victims on the claims procedure in due course.
He was responding in a written parliamentary reply to a question from Sylvia Lim on the status of recovered proceeds and how victims can file claims.
Genneva was a Singapore-registered gold investment company that operated a buyback scheme between 2008 and 2012, promising returns of up to 36 per cent, before collapsing after running out of gold bars to return to customers.
Six people were charged in 2019, with five convicted between 2020 and 2025 of offences including fraudulent trading, cheating and money laundering, while court proceedings remain ongoing for one individual.
