Genneva scam victims may file claims once Police finalise asset distribution, says Shanmugam

Victims of the Genneva Pte Ltd gold investment scam — which took place between 2008 and 2012 — will be able to file claims for recovered assets once the Singapore Police Force has finalised the distribution process, Minister for Home Affairs and Coordinating Minister for National Security K Shanmugam said in a written parliamentary reply on 13 January 2026.

The Minister noted that the Police had seized more than S$1.5 million in assets from Genneva and its related entities, and would be applying to the courts for the distribution of these proceeds.

However, he stressed that the process is complex due to the large number of potential claimants and would take time. Victims will be notified when they may submit their claims.

This statement was issued in response to parliamentary questions filed by Workers’ Party Member of Parliament for Aljunied, Sylvia Lim, regarding the long-running Genneva case.

She had asked: (a) whether there are any pending cases against suspects that have not yet concluded; (b) what is the value of the proceeds of crime recovered by the Police; and (c) when victims can file claims to the recovered proceeds.

Investigations concluded, one case ongoing

In his written response, Minister Shanmugam stated that investigations into Genneva had concluded several years ago.

Six individuals were charged in 2019 in connection with the case. Between 2020 and 2025, five were convicted in court for offences including fraudulent trading, cheating, and money laundering.

Court proceedings remain ongoing for one individual.

The Minister reiterated that over S$1.5 million in assets had been seized and would be distributed through court proceedings.

Genneva’s gold investment scheme and legal aftermath

Genneva Pte Ltd was a Singapore-registered gold investment company that operated from 2008 to 2012. It marketed a gold buyback scheme that offered returns of up to 36% on gold purchases over fixed contract periods.

The company also reportedly promised returns of between 20% and 25% from the sale of limited-edition coins made from gold it had purchased. These payouts stopped after September 2014.

Under its "gold inspection" scheme, customers were told to return their gold bars for inspection and were promised the same quantity back within a few days. If customers failed to do so, they would not be allowed to renew their contracts or sell the gold back to the company.

According to court documents, Genneva implemented the inspection scheme from August 2012. Between 17 August and 30 September 2012, the company collected approximately 3,580kg of gold from customers.

However, only about 2,940kg was returned following inspection. The remaining 640kg was unaccounted for — with a portion reportedly sold, pawned, or used to fulfil new sales.

The scheme collapsed in late 2012, triggering an investigation by the Commercial Affairs Department. Investors subsequently reported that they were unable to recover their gold or the promised investment returns.

It was previously reported that more than 260 investors were affected, with total estimated losses exceeding S$35 million. Victims ranged in age from their 20s to 80s, with the majority in their 40s to 60s.

Convictions of Genneva’s senior management

In 2022, the former Head of Transactions at Genneva Pte Ltd, Lim Hong Boon, was convicted after trial and sentenced to 60 months’ imprisonment for one count of fraudulent trading under Section 340(5) of the Companies Act.

Lim oversaw the collection and handling of gold bars under Genneva’s “Gold Inspection” exercise in 2012. At the time, the company was already facing financial distress and lacked a reasonable expectation of returning the collected gold to customers as promised.

The court found that Lim had knowingly participated in carrying on the company’s business while incurring further obligations to customers — despite being aware that the company was unlikely to fulfil them.

His conviction followed the earlier sentencing of Kwok Fong Loong, Genneva’s former General Manager, who pleaded guilty to the same offence and was sentenced to 56 months’ imprisonment in July 2020.

Both were found to have played key roles in a scheme that involved collecting around 3,500 kg of gold from customers without conducting any inspection, and instead using the gold to fulfil previous obligations, sell, or pawn for cash.

The offence of fraudulent trading under Section 340(5) of the Companies Act carries a maximum sentence of seven years' imprisonment, a fine of up to S$15,000, or both.