Malaysian police have arrested ten people related to GCG Asia.
One of many arrested people is GCG Asia founder Darren Yaw.
As reported by Bharian, on January fifth raided a number of places throughout Malaysia. The raids led to the arrest of ten GCG Asia scammers.
9 luxurious automobiles, 5 1KG gold bars, sixty-four luxurious watches, $4.5 million in cryptocurrency and ~$21,000 in money have been additionally seized.
Malaysian police have pegged the overall worth of GCG associated property seized at $26.6 million.
A televised report from Buletin TV3 supplies us with footage of the arrested suspects. Darren Yaw, who stylized himself as a “Datuk Seri”, may be seen within the lineup:
The principle mastermind is 40 years outdated and has a grasp’s diploma in enterprise administration, whereas the opposite 9 suspects embody a girl aged between 29 and 64.
Among the many seized gadgets was an “ex-police affiliation card”, believed to be in Yaw’s title. It seems Yaw, aka Chen Chiu, was misrepresenting himself as an ex-police officer as a part of GCG Asia’s deception.
GCG Asia, also called Guardian Capital AG, is a foreign exchange Ponzi scheme originating from Malaysia.
GCG Asia buyers make investments funds on the promise of passive returns. Hooked up to this can be a pyramid scheme, to financially incentivize recruitment of recent buyers.
The syndicate, which has been energetic since 2018, targets native residents and promotes the funding with a weekly fee of return of between 12 to 14 p.c of the overall capital invested.
Traders might be given an funding internet hyperlink together with a password and might see the quantity of revenue acquired after logging into the web site.
Nonetheless, the revenue can’t be transferred or cashed out.
The syndicate subsequently lower off communication with buyers after receiving a considerable amount of funding and stopped the operation of the funding scheme abruptly.
There are twenty-three legal investigations open into GCG Asia as of January 2022.
Yaw was first arrested in connection to GCG Asia again in 2019. Cambodian authorities stepped in after GCG Asia claimed to have authorities backing to lure new buyers in.
The deception went so far as claiming Cambodia’s Prime Minister would attend a GCG Asia workplace ribbon slicing ceremony. This prompted the PM to publicly deny the claims.
Yaw was convicted in Cambodia in October 2019 and served 5 months in jail.
Upon launch he seems to have returned to Malaysia and continued to defraud shoppers.
As a part of these efforts, Yaw tried to take away/bury entry to data pertaining to GCG Asia and Yaw’s arrest.
This occurred by way of an web optimization spam marketing campaign and bogus DMCA takedown requests, particularly focusing on BehindMLM’s protection.
Even following Yaw’s arrest in Malaysia, these efforts proceed.
The newest bogus GCG Asia DMCA discover acquired is dated September 14th. The discover was despatched in by Parry Sound Legislation, on behalf of GCG Asia.
As chances are you’ll know, GCG Asia is the proprietor of the GCG® phrase mark (GCG Asia®, USPTO Reg. No. [REDACTED], App. No. [REDACTED]6, submitting date 03/22/2017).
GCG Asia has just lately discovered that the trademarkGCG® seems as a metatag, key phrase, or seen or hidden textual content on the web site(s) positioned on the below-listed URL(s) with out having obtained prior written authorization from GCG Asia.
This follow infringes upon the unique mental property rights of GCG Asia.
BehindMLM’s use of logos and different copyrighted works in our critiques and reporting, is protected beneath the US’ Honest Use doctrine.
Not that the regulation issues to GCG Asia. “Parry Sound Legislation” is a bogus agency arrange by GCG Asia scammers ten days in the past:
Bharian stories Yaw and his GCG Asia co-conspirators have been arrested on cash laundering, terrorism financing and prevention of crime fees.
As of January 2022 all ten arrested suspects remained in custody. There have been no additional public updates on the case since.