Emgoldex aka Global InterGold Not Listed in German Registry of Companies, Forged Dubai Permits

The Netherlands, Sweden, Panama, Philippines, Dubai, Colombia, USA, Norway, Finland, and Poland had warned their citizens against investing in an online massive fraud called Emgoldex.

International regulatory bodies have placed online gold store Emgoldex in investor alerts list, warning potential investors from doing business with the company.

Emgoldex, an online gold store that claims to be registered in Germany, has an administrative office in Mahe, Seychelles and a correspondent address in Netherlands.

The International Organisation of Securities Commissions (Iosco), however, placed the company in its Investor Alerts portal by virtue of a warning released by the Netherlands Authority for the Financial Markets (AFM) on December 14 last year.

“The warning list “boiler rooms” contains the names of companies that have approached persons without being asked, to offer them investment proposals. The AFM has established that the companies that are included in this warning list do not have an AFM licence or a European passport,” the alert read.

Emgoldex was also mentioned on Sweden’s warning list of “firms you should avoid doing business with” and an official from Finansinspektionen, the Swedish Financial Supervisory Authority, told Gulf News that the company was listed as part of their cooperation with the AFM.

Dubai, UAE

Gulf News and Arabian Business News investigated the company through Dubai Multi Commodities Centre (DMCC). Emgoldex held a forged business permit and announced a fake office located in Tower lakes.

Emgoldex earlier even published its DMCC license number DMCC3142, but DMCC said the document was forged. The agency said that permits uploaded by the company in this file are forged and therefore fake.

Germany

Emgoldex claims that its main office is located in Germany however, Handelsregister, a public registry of companies kept by local courts in Germany said that Emgoldex is not listed in their registry.

The alleged parent company of Emgoldex, however, Gold and Silver Physical Metals KG, is registered but no other information as to the status of the company could be shared.

Gulf News repeatedly emailed and called the published phone numbers of Gold and Silver Physical Metals KG for two weeks at different times but the number seemed to be not working.

Norway

Two Filipina-Norwegian Marivel Monstad and Josephine Johansen told Bladet.no that they received threats after they exposed the pyramiding scam activities of Emgoldex. They further explained that pyramiding is illegal in Norway and that they warned fellow Filipinos in the Philippine Community in Norway, but they were bullied and humiliated.

Johansen said that fellow Filipino recruiters even use religion to lure people. The two added that Emgoldex pyramid scam is prevalent only in Filipino community because Norwegian people know it’s a scam and ignore recruiters.

Poland

A leading Polish news website Gloswielkopolski.pl reported that Emgoldex is a pyramid scheme. Pyramid scheme is illegal in Poland and Emgoldex’s practice is to lure people to deposit money in order for other people to make money. The report said that Emgoldex must deal with the prosecution in Warsaw, the OCCP, and the Financial Supervision Authority.

Finland

According to HBI.FL…..

Central Criminal Police suspect that the company Emgoldex has engaged in pyramid schemes in Finland. Police warn that those who participate in the company’s operations can be suspected of fund-raising crimes.

Pyramid schemes are to collect money from people who will join the network later. The money goes to those who have begun the whole business, or come in early.

Emgoldex has stated that he is acting with gold and store gold in Germany, but according to the police has not received any clarity about the gold exists.

An international warrant has been issued for the person who has started operations in Finland.

Police have heard a dozen people as witnesses in Finland. They live in different parts of southern and central Finland. Some of them have invested money in the company.

Emgoldex Change of Name to Global InterGold

HYIP experts like Talkgold Forum has already expected this to happen a year ago. Changing of a name by a falling HYIP is just a normal technique because it will try to offer more in order to attract more. The company already experience setbacks so it needed to find a solution in order to remain active for at least a year.

Emgoldex or Global InterGold changed the named in order to avoid bad press associated with Emgoldex. No matter how many times it change its name, the truth remains that it is a pyramid scam.

“What can you expect from a company that is full of lies? It forged a Dubai public document and lied about its office. It lied about being registered in Germany. What more do you expect? It will close any time soon leaving hundreds of thousands of dumb investors and millions or even billions of dollars in losses”, said Gregory Lawson, a HYIP Expert from TG Forum.

Why OFWs are the Number One Investors

Dr. Lourdes Smith, a Filipino-American sociologist and university professor based in New Hampshire, said that Overseas Filipino Workers are one of the dumbest people on earth when it comes to investments (no offense). She said that OFWs, although making good income, are still hungry for making money because they always thinking of going home after making tons of money.

“Filipino overseas workers, especially those who do not have proper education are gullible. They can be fooled easily especially if you tell them something with full of promises. They have money that’s why in many cases of investment scams, they are always the first victims”, Smith said.

Dr. Smith is not aware of Emgoldex and her comment is focused only on the general attitude of the majority of OFWs’ towards investment.

“The Philippine Government should focus more on educating OFWs on how to invest and manage small business so that the money they earn abroad will not be wasted”, Smith added.

/Oto Melara, Jacqueline Balbon-Jones, Carla Mercado/ Assisted Press

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