GCG Asia and its founder Darren Yaw had been committing crimes on crypto currency as late as May 18, 2019.
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A Swiss-based crypto currency bank, Dukascopy, named and shamed GCG Asia for fraudulently claiming that they (GCG Asia) was a partner of the Swiss based bank by putting out an announcement on February 27, 2019, warning customers about GCG Asia.
Despite this warning, GCG Asia continued to operate and on April 26, several hundred GCG ASIA victims had gathered and rallied against the company at the entrance of the Bank of Indonesia.
Indonesia’s Ministry of Public Security’s Commercial Crime Investigation unit had issued an official announcement on the same day that GCG ASIA’s operations in that country was a “Ponzi scheme” and meant to defraud the people.
Indonesian police had also applied for arrest warrants arresting Mr. Yaw and carrying out a thorough investigation into GCG Asia’s operations there and was put on the country’s blacklist for fraud and illegal monetary activities.
Meanwhile, Dukascopy, had on 14 May,2019 issued a statement stating: ” Since we continue to be contacted by presumed victims of GCG Asia, we hereby remind that contrary to the fraudulent allegations of GCG Asia, GCG Asia is not in collaboration with Dukascopy Bank or with any other entity of Dukascopy Group.
“For attracting clients/investors/partners, GCG Asia and its CEO Yaw Foo Hoe are fraudulently using Dukascopy’s name and logo without Dukascopy Bank’s permission, issue fake authenticity certificates and state that Dukascopy Bank is the liquidity provider or bank of GCG Asia, which has never been true,” a notice cited by Khmer Times and which first appeared in a blog created by victims of GCG Asia’s fraudulent activities.
Khmer Times also reliably learned that GCG Asia’s lawyers had attempted to meet the Malaysian Ambassador to Cambodia.
“The lawyers had sent several e mails seeking a meeting with Ambassador Mr. Eldeen Husaini Mohd Hashim but was turned down.
“It is very fortunate Prime Minister Hun Sen acted swiftly by ordering the crackdown on GCG Asia before the company could scam Cambodians and others on illegal or nonexistent crypto currency trading with promises of high returns,” an official familiar with the investigations said.
Mr. Yaw was detained by police on May 17, 2019 along with his wife, 34 year old Chow Sok Fui, who was subsequently released on May 19, 2019 but was barred from leaving Cambodia.