Police in Malaysia has detained eleven people with ties to GCG Asia.
GCG Asia founder Darren Yaw is one of those detained.
According to Brian, there were several raids in different places in Malaysia on January 5. Ten GCG Asia fraudsters were apprehended as a result of the operations.
Additionally, authorities confiscated nine high-end vehicles, five 1KG gold bars, 64 high-end watches, $4.5 million in bitcoin, and around $21,000 in cash.
The value of the GCG-related assets confiscated as a whole has been estimated by Malaysian authorities at $26.6 million.
Buletin TV3’s aired report shows images of the detained suspects. In the lineup, Darren Yaw, who referred to himself as a “Datuk Seri,” is visible:
The primary suspect is a 40-year-old woman with a master’s degree in business administration; the other nine suspects range in age from 29 to 64.
An “ex-police association card,” thought to be in Yaw’s name, was among the things confiscated. It appears Yaw, alias Chen Chiu, was portraying himself as an ex-police officer as part of GCG Asia’s fraud.
GCG Asia, commonly known as Guardian Capital AG, is a Malaysian-based forex Ponzi scam.
Investors in GCG Asia make investments with the expectation of passive returns. A pyramid scheme is linked to this to provide financial incentives for bringing in new investors.
The syndicate, which has been operating since 2018, promotes the investment to locals and offers a weekly rate of return of between 12 and 14 percent of the total invested amount.
Investors will receive an investment web address and a password; after logging in, they may view the profit obtained.
The profit, however, cannot be transferred or paid out.
After receiving a sizeable investment, the syndicate abruptly terminated the functioning of the investment program and broke off contact with investors.
As of January 2022, there are 23 active criminal investigations into GCG Asia.
In 2019, Yaw was detained for the first time about GCG Asia. After GCG Asia claimed to have official support to entice additional investors, Cambodian authorities intervened.
The misinformation even implied that the Prime Minister of Cambodia would be there for the official ribbon-cutting of the GCG Asia headquarters. The PM was forced by this to publicly refute the accusations.
Yaw was found guilty in Cambodia in October 2019 and was imprisoned for five months.
He appears to have gone back to Malaysia after being freed and carried on defrauding customers there.
Yaw made an effort to block or bury information about GCG Asia and his detention as part of those attempts.
This was accomplished through an SEO spam campaign and phony DMCA takedown requests that were directed exclusively towards BehindMLM’s coverage.
Despite Yaw’s imprisonment in Malaysia, those initiatives are still in progress.
The most recent fake DMCA notification from GCG Asia was received on September 14. Parry Sound Law submitted the notification on behalf of GCG Asia.
The GCG® word mark is owned by GCG Asia (GCG Asia®, USPTO Reg. No. [REDACTED], App. No. [REDACTED]6, filing date 03/22/2017), as you may be aware.
GCG Asia has recently discovered that the trademarkGCG® appears on the website(s) at the below-listed URL(s) as a metatag, keyword, or visible or hidden content without having secured a previously written license from GCG Asia.
The exclusive intellectual property rights of GCG Asia are violated by this behavior.
The US’s Fair Use theory protects BehindMLM’s use of trademarks and other copyrighted works in our assessments and reporting.
Not that GCG Asia cares about the law. Ten days ago, GCG Asia con artists set up a fake law company called “Parry Sound Law”:
Hindu reports Yaw and his GCG Asia accomplices have been detained on suspicion of money laundering, sponsoring terrorism, and deterring crime.
All 10 of the detained individuals were still being held as of January 2022. Since then, there have been no further recent public updates on the matter.