Malaysia-owned Company GCG Asia Shut Down for Fraud Investigation

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Malaysia-owned Company GCG Asia Shut Down for Fraud Investigation

Post by CEOCambodiaNews » Fri May 17, 2019 2:04 pm

The Cambodian PM has issued a statement to refute claims that he and the government support a crypto-currency operation run by a company called GCG Asia. According to the Indonesian Embassy in Cambodia, GCG Asia is a grey company and was placed on the Black List.
35 mins ago - BREAKING NEWS
Fraudulent crypto currency operations closed over illegal use of PM’s name
Image
“As the Prime Minister of the Kingdom of Cambodia, I deny the information posted on the company’s website, which is not true. Request all relevant authorities and concerned authorities to monitor and investigate the offender and immediately punish them in accordance with the law,” he said.

“Please, all Citizens and businessmen both inside and outside the country have to be very careful about buying unauthorized exchange money purportedly from the Royal Government of Cambodia,” he added.

The National Bank of Cambodia this morning also announced that GCG Asia is not in cooperation or in collaboration with the National of Bank of Cambodia, according to the announcement from NBC.

NBC said that GCG Asia is fraudulently using National Bank of Cambodia’s logo and name on their website and social network for fraudulent purpose.

“The National Bank of Cambodia hereby states that the NBC has never recognized or even associated with GCG Asia. We are taking legal actions against this fake news of GCG Asia and condemn this illegal act.”

At the same time, Bank of China (Hong Kong) Phnom Penh Branch, also issued a statement saying that it has no business cooperation or association of any kind with GCG Asia and has the bank signed the alleged or any similar agreements with any company (including GCG Asia).

https://www.khmertimeskh.com/50605384/f ... shuttered/
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Re: Malaysia-owned Company GCG Asia Shut Down for Fraud Investigation

Post by CEOCambodiaNews » Sat May 18, 2019 2:37 pm

GCG Asia Is “Corporate Fraud”: Cambodia’s National Police
18/05/19 14:31

Phnom Penh (FN), May 17 – Cambodian National Police Commissariat confirmed Friday that GCG Asia Co., LTD is an international corporate fraud, conducting business in a dishonest and illegal manner.

National police commissioner Neth Saveoun confirmed that GCG Asia Co., LTD is not legally registered to the National Bank of Cambodia and that the company was blacklisted by the Malaysian and Indonesian governments. He added that so far only Chinese were scammed.

GCG Asia Co., LTD office in Phnom Penh’s Daun Penh district was temporarily shut down earlier today for illegally using Cambodian Prime Minister's name and photo on its website, a senior police official told Fresh News earlier Friday.

A Malaysian couple, owners of the company, was arrested for interrogation following the Premier’s announcement on emergency national security information.

"GCG Asia Co., LTD took my photo and name for the propaganda on its website, claiming that I would attend the company's launching ceremony on 20 May 2019. In addition, the company has listed the National Bank of Cambodia (NBC) and the Bank of China as responsible partners in the Crypto Currency trading business," Cambodian Prime Minister HE wrote on Facebook on Thursday.
Prime Minister HE denounced the information posted on the company's website.
Fresh News
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Re: Malaysia-owned Company GCG Asia Shut Down for Fraud Investigation

Post by CEOCambodiaNews » Sun May 19, 2019 2:11 pm

Image
Breaking news, Phnom Penh: On the morning of May 19, 2019, the police force from the Ministry of Interior sent YAW FOO HOE, or Dr Darren Yaw, chairman of GCG ASIA to the Phnom Penh Court of First Instance, to be investigated before the case is referred to the judge to decide.

Prosecutor Ly Sakhana said that after the investigation, the prosecution filed a complaint against YAW FOO HOE on charges of "attempted fraud" under Articles 377, Article 378 and 381 of the Penal Code.
The accused was arrested on May 17, 2019, along with his wife. However, the wife was released after questioning, when the authorities found that she had no connection to the crime.

General Director of the National Police, Neth Savoeun, told Fresh News, GCG ASIA Co., Ltd. is an international scam company, and many countries in Asia have already been hit by the company.

General Neth Savoeun also confirmed that after a police force meeting with National Bank officials, they discovered that the company had not been properly registered with the National Bank and the concerned ministries, and the company had previously been cheating in Malaysia and Indonesia, and this was known by the Indonesian authorities, hence the reason for Yaw's escape to set up a base in Cambodia.

The National Police has confirmed that the Cambodian people have not been cheated by this company, and those supposedly cheated were mostly Chinese, because the company is only headquartered in Cambodia, selling to Chinese abroad.
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Re: Malaysia-owned Company GCG Asia Shut Down for Fraud Investigation

Post by Arget » Sun May 19, 2019 2:21 pm

This is a serious issue as him and his are the only ones allowed to do dodgy shit here. Shame on these blow ins trying to snip a slice of someone else pie
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Re: Malaysia-owned Company GCG Asia Shut Down for Fraud Investigation

Post by CEOCambodiaNews » Sun May 19, 2019 11:41 pm

Exclusive! GCG 钜 rich boss was arrested!
- May 18, 2019

Recently, the Bank discovered that the rich financial group (English name "GCG ASIA") passed Different publicity channels falsely claimed that Bank of China (Hong Kong) Co., Ltd. (hereinafter referred to as "BOC Hong Kong") provided financial guarantees for the company's customers, and displayed a check pattern of BOC Hong Kong in the poster. In addition, Prosperity Financial Group announced that it will hold an event in Phnom Penh on May 20, and said that members of the company can obtain a fund credit policy draft from the Bank of China (Hong Kong) Phnom Penh Branch. The Bank reiterated that it did not provide any credit guarantees claimed by Prosperity and reserved the right to pursue all legal liabilities. The Bank of China has reported to the Chinese business investigation team and contacted the Malaysian Embassy. In order to investigate Prosperity Finance and its founder Darren Yaw Foo Hoe. We would like to remind our customers and the public to pay attention to it. Do not believe in false propaganda and beware of being deceived.

GCG Asia crashes down! Recently, the GCG double A mode foreign exchange order transaction, which was claimed to be profitable, was confirmed to be fraudulent and Cambodia was arrested. Freeze up to 100 million US dollars in all bank accounts! The day before yesterday, Dr. Datuk Yau Fuhao, founder of GPG Finance in Phnom Penh, Cambodia, issued a national security notice after being discovered by the Cambodian Prime Minister because he had stolen the portrait of the Cambodian Prime Minister on the leaflet, and ordered all departments to investigate and deal with it. On the day before yesterday, GCG Asia was located at the headquarters in Phnom Penh. In addition, the Chinese Ministry of Foreign Affairs and the Ministry of Foreign Affairs of Malaysia have been notified that the case has been sent to the Phnom Penh, Cambodia, in addition to the theft of Prime Minister HE’s photo. Secondly, the Indonesian Embassy revealed that relevant institutions will arrive in Cambodia in the near future because Philippine Finance also involved in the fraudulent use of state agencies in Indonesia.
It is understood that Chinese investors have been sealed for asking for money. Information has been submitted to the China Business Investigation Department. The Chinese public security department has already mastered the relevant market leader list. The Indonesian police will also hold a press conference in the near future. It is understood that Indonesia has arrested many people in charge of marketing.

The Malaysian police have already received news and cooperated with Cambodia and Indonesian international police to investigate the wealth of the company! The
above exclusive!

Source: Fresh News Asia

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Re: Malaysia-owned Company GCG Asia Shut Down for Fraud Investigation

Post by SternAAlbifrons » Mon May 20, 2019 12:11 am

A grand scam bought down by overreach.
He would would have had his safe haven in cambodia if only he hadn't pinched the picture of the Prime minister.
One foolish, fatal mistake...
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Re: Malaysia-owned Company GCG Asia Shut Down for Fraud Investigation

Post by Anchor Moy » Mon May 20, 2019 12:51 am

SternAAlbifrons wrote:
Mon May 20, 2019 12:11 am
A grand scam bought down by overreach.
He would would have had his safe haven in cambodia if only he hadn't pinched the picture of the Prime minister.
One foolish, fatal mistake...
Yes, this could not go unpunished:
Image
But, also, there are more and more people being arrested in Cambodia for financial crimes committed against mainland Chinese.
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Re: Malaysia-owned Company GCG Asia Shut Down for Fraud Investigation

Post by CEOCambodiaNews » Fri May 31, 2019 10:51 pm

3 hours ago - BREAKING NEWS
GCG Asia’s trail of larceny and theft

A Swiss-based crypto currency bank, Dukascopy, named and shamed GCG Asia for fraudulently claiming that they (GCG Asia) was a partner of the Swiss based bank by putting out an announcement on February 27, 2019, warning customers about GCG Asia.

Despite this warning, GCG Asia continued to operate and on April 26, several hundred GCG ASIA victims had gathered and rallied against the company at the entrance of the Bank of Indonesia.

Indonesia’s Ministry of Public Security’s Commercial Crime Investigation unit had issued an official announcement on the same day that GCG ASIA’s operations in that country was a “Ponzi scheme” and meant to defraud the people.

Indonesian police had also applied for arrest warrants arresting Mr. Yaw and carrying out a thorough investigation into GCG Asia’s operations there and was put on the country’s blacklist for fraud and illegal monetary activities.

Meanwhile, Dukascopy, had on 14 May,2019 issued a statement stating: ” Since we continue to be contacted by presumed victims of GCG Asia, we hereby remind that contrary to the fraudulent allegations of GCG Asia, GCG Asia is not in collaboration with Dukascopy Bank or with any other entity of Dukascopy Group.

“For attracting clients/investors/partners, GCG Asia and its CEO Yaw Foo Hoe are fraudulently using Dukascopy’s name and logo without Dukascopy Bank’s permission, issue fake authenticity certificates and state that Dukascopy Bank is the liquidity provider or bank of GCG Asia, which has never been true,” a notice cited by Khmer Times and which first appeared in a blog created by victims of GCG Asia’s fraudulent activities.
https://www.khmertimeskh.com/50609837/g ... and-theft/
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Re: Malaysia-owned Company GCG Asia Shut Down for Fraud Investigation

Post by CEOCambodiaNews » Fri May 31, 2019 10:55 pm

GCG Asia Review – is guardiancapitalag.asia scam or good forex broker?
By The Forex Review
- March 21, 2019
- Updated Apr 03, 2019

Beware! GCG Asia is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS
GCG Asia is a Forex brokerage supposedly based in Switzerland. It provides clients with the MT4 trading terminal and a generous leverage of up to 1:100. However, the selection of financial products is quite poor and we couldn’t see a spread on EUR/USD through a demo account. The required minimum deposit is also not stated.

GCG Asia regulation & safety of funds

According to the website the company behind the brokerage is registered in Switzerland by the name Guardian Capital AG. Switzerland is deeply integrated within the EU without being a member-state through a series of bilateral treaties. Online Forex trading has been taken into consideration in the country’s legislation and the Swiss Financial Market Supervisory Authority FINMA is in charge of overseeing financial activities. Forex brokerages in Switzerland have to be licensed by the FINMA but we find no mention of such a license on the broker’s website. Furthermore, after checking the online registry of the Swiss authorities we can safely conclude that GCG Asia does not fall under any regulatory oversight whatsoever.

As was stated above, the brokerage provides the MetaTrader 4 platform which is the widely preferred choice of traders at the moment. There is a test-drive available and we could see a spread of just 0.1 pip which is exceptionally low, especially compared to the industry average of a pip and a half. This inclines us to suspect that it may not correspond to the real time spread. Furthermore, clients are extended a leverage of 11200 which is also extremely high but yet another sign that we have an unregulated brokerage on our hands since there is a leverage cap of 1:30 throughout Europe.

Furthermore, while researching the brokerage we came upon an official warning issued against it.

GCGAsia has been blacklisted by the Swiss financial regulator. This is perhaps the most clear-cut sign of trouble. With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients.

Regardless of this, being blacklisted in Forex trading is a major warning sign and we must state that potential clients of the brokerage may be open to substantial risk.

We urge traders to exclude such risk in trading by only associating with brokers regulated by prestigious regulatory agencies, such as the FCA and CySec, which require compliance with a number of strict rules that give significant assurance for the security of the clients funds.

The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.

Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders.

GCG Asia deposit/withdrawal methods and fees
We couldn’t find any information on the website regarding the available payment methods which is quite a worrisome sign. We could not find any explicitly stated withdrawal fees, however, we should highlight that many scammers choose not to disclose such information to would-be clients. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest.

Having in mind all that was stated above, we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?
Information is a pretty solid criteria for judging a brokers legitimacy. Scammers would not share much of their information, because precisely there inconsistencies and irregularities may appear which expose the whole set-up. A good example is this very broker and the misleading information it gave regarding its regulatory status.

After informing themselves for the brokers trading conditions – traders should be well-versed in the way of the scam:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Revolt where registration will require you to give your email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.
What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!
https://theforexreview.com/2019/03/21/gcgasia-review/
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Re: Malaysia-owned Company GCG Asia Shut Down for Fraud Investigation

Post by CEOCambodiaNews » Wed Jun 12, 2019 10:02 pm

June 11, 2019
GCG Asia not a legitimate crypto broker
Red flags had been raised all over Asia and as far as Zurich, Switzerland on the legitimacy of GCGH Asia and its key promoter Darren Yap as to the legitimacy of the company’s operations nor the veracity of its claims on its website.

According to various open source information, GCG Asia, identified as a Scam, had been red-flagged as a company with fictitious and fraudulent claims and even with the audacious claims that it was an authorized and regulated broker under the supervision of the Swiss Financial Market Supervisory Authority (FINMA).

However, random search on the FINMA sanctioned companies who undertake crypto and related trading, not only was GCG Asia not found on the sanctioned list, on the contrary, it was found to be on the regulator’s red list – meaning not registered and not a legitimate entity.

Investigators in Cambodia, with knowledge of the investigations into GCHG Asia and Darren Yaw revealed to Khmer Times that they are investigating many facets of GCG Asia’s Cambodia operations.

“We are working to find out more. Whether the company had actually recruited agents or members to trade through their illegal Ponzi scheme ventures, how Yaw was bold enough to use the Prime Minister, National Bank of Cambodia and Bank of China (Hong Kong) credentials to boost the image of the company in Cambodia.

“We need to get to the bottom of this. Not only GCG Asia bit are there any other companies with similar intents already operating in Cambodia under the radar and also to whether they had received covert ‘protection’ from corrupt officials or personalities,” the officials who declined to be identified for fear of compromising the investigations and also for other operational reasons said.
https://www.khmertimeskh.com/50613025/g ... to-broker/
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