Red flags had been raised all over Asia and as far as Zurich, Switzerland on the legitimacy of GCGH Asia and its key promoter Darren Yap as to the legitimacy of the company’s operations nor the veracity of its claims on its website.
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According to various open source information, GCG Asia, identified as a Scam, had been red-flagged as a company with fictitious and fraudulent claims and even with the audacious claims that it was an authorized and regulated broker under the supervision of the Swiss Financial Market Supervisory Authority (FINMA).
However, random search on the FINMA sanctioned companies who undertake crypto and related trading, not only was GCG Asia not found on the sanctioned list, on the contrary, it was found to be on the regulator’s red list – meaning not registered and not a legitimate entity.
Investigators in Cambodia, with knowledge of the investigations into GCHG Asia and Darren Yaw revealed to Khmer Times that they are investigating many facets of GCG Asia’s Cambodia operations.
“We are working to find out more. Whether the company had actually recruited agents or members to trade through their illegal Ponzi scheme ventures, how Yaw was bold enough to use the Prime Minister, National Bank of Cambodia and Bank of China (Hong Kong) credentials to boost the image of the company in Cambodia.
“We need to get to the bottom of this. Not only GCG Asia bit are there any other companies with similar intents already operating in Cambodia under the radar and also to whether they had received covert ‘protection’ from corrupt officials or personalities,” the officials who declined to be identified for fear of compromising the investigations and also for other operational reasons said.
As early as May, the Commodity Futures Trading Regulatory Agency of the Ministry of Trade (Bappebti) confirmed that the Guardian Capital Group or the GCG Asia Indonesia originating from Malaysia, did not own a business license as a futures broker from the regulator.
Besides Indonesia, GCG Asia has also been listed in the Investor Alert List by Monetary Authority of Singapore (MAS).
In addition, GCG Asia does not reveal any trading conditions on its website. Therefore, no one can verify its spreads, minimum and maximum investment requirement, or the leverage it provides.
Currently, Darren Yaw is still in detention and efforts by his lawyers to meet the Malaysian Ambassador for possible intervention has reportedly failed as all attempts had been denied by the embassy.