Gold Scam IV: The On-Going Case With Bestino Golden

Posted by Kris | Saturday, December 03, 2011 | | 2 comments »

Finally some action to start prosecute the top bosses in the Bestino Gold Scam. Unfortunately the huge damage has been done, ALOT of people have lost money. I don't think they can get their money back anytime soon or mostly only a small percentage. Most the scam money should already been transferred out of the country or under the bosses' relative's name or nominee to elude the prosecutor's arm reach. 

Kind of sad, to see people losing their hard earn money. BUT with so many news, exposure, internet, yet people still fall for a simple scam like this. And the victims, i am pretty sure will also include working professional who should know better to avoid this death traps.

IPOH: Four directors of gold investment scheme operator Bestino Golden House Sdn Bhd claimed trial separately in a Sessions Court here to 322 counts of money laundering involving RM156.25mil.
Chong Yuk Ming, 49, Goon Koon Lee, 48, Chang Kuei Geh, 57, and Ho Chee Cheong, 41, pleaded not guilty to accepting and utilising illegal proceeds as well as transferring the money to local and foreign financial institutions between July 9, 2006, and Sept 21, 2008.
They were charged under Section 4(1) of Anti-Money Laundering and Anti-Terrorism Financing Act with Chong facing 52 of the total charges, Goon 102, Chang 114 and Ho 54.
The offence under the Act carries a maximum RM5mil fine or five years’ jail or both, upon conviction.

Objecting to this, defence counsel Rajivan Nambiar said the bail amount suggested by the prosecution was clearly intended to be punitive, adding that the sum of RM500mil was never mentioned in any of the charges under Bafia.
Sessions judge Julie Lack allowed bail at RM1.5mil each in two sureties, including one bailor who is a family member and ordered that their passports be surrendered.
The court fixed April 11 to hear submissions on the prosecution’s application for all charges to be jointly heard. (Court cases are typically will take a long process and time)

At press time, all four accused failed to post bail. ( I guess all the money scam has been transferred away; if not RM1.5 million is like spare change for the Bestino Bosses, see the amount that has been scammed below)

    SOME 6,764 people who invested RM411mil in an Ipoh gold investment company have approached Suhakam to help get back their money, reported Tamil Nesan.
    Their spokesman T. Saraswathy said many of them had invested their savings in the gold investment scheme operated by Bestino Golden House Sdn Bhd.
    She said some of them withdrew their Employees Provident Fund (EPF) savings to join the scheme.
    She said they were shocked when four directors of the company were charged with money laundering at the Ipoh Sessions Court.
    In presenting a memorandum to Suhakam, she said the investors, 95% of them Indians, were facing hardship and numerous problems as most of their funds were tied with the investment company.
    She said one of the directors had said in a press statement last June that the investors could expect a 25% return on their investments as there was enough money in the company's bank account, which has been frozen by Bank Negara. (Only 25% return of investment?!! Wow..still losing money. But for the victims, at least got something.. Oh, wait this statement is coming from a person who just scam you!! Are you going to fall into his/her lies again for the 2nd time?! See below on the lie.

    KUALA LUMPUR: Bank Negara says it is NOT involved in any proposal made by Bestino Golden House Sdn Bhd as reported in several newspapers yesterday.
    The reports said Bestino Golden House would return monies to investors in its plans, through an administrator agreed upon by the central bank. “We wish to notify the public that any arrangement announced by Bestino Golden House in the news report was a private arrangement between the company and its investors,” the central bank said in a statement here yesterday.
    A case against the directors of Bestino Golden House was on-going and the next date of hearing had been fixed for Sept 19, 2011.
    Four directors were charged at the Ipoh Sessions Court on Feb 23 with illegal deposit taking under section 25(1) of the Banking and Financial Institutions Act 1989 and section 4(1) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001, it said. – Bernam


    1. ChampDog // 1:43 PM  

      Do you know how many percentage of investor do not lost their money? Got > 20%?

      Have been listening to scam since my young age. Seems like a really good business opportunity but can make you into jail. lol!

    2. Kris // 12:12 AM  

      I think the number may be very small. I don't have the statistics. Just the amount of money that was scammed, is really astounding.

      Yeah..setting a ponzi scam seems to be very profitable and easy to do. There is a lot of greedy suckers out there.

      Greed overrides common sense as these types of scams have long been highlighted by the press to give awareness to the common people to avoid these type of traps. But sadly, these things still happen even among learned professionals.