GoldQuest
GoldQuest International is a company, involved in the distribution of gold and luxury products.
History
The company's website (2]) as of Feb 21, 2007 indicates a reorganization under the Qatana banner.
Background
The company was a wholly owned by the Hong Kong-headquartered GoldQuest, which in turn is part of the Questnet International group. Most medallions are manufactured by the Mayer Mint, a privately owned mint in Germany.
The business model has similarities with MLM or pyramid_scheme companies.
Legal Problems
In Iran the company has agreed to pay compensation following the measures of judiciary, which labeled their activities 'fraudulent'.3
This was followed by Irananian Guardians council banning GoldQuest and other pyramid scheme based companies from continuing operations in Iran by including an additional note to the 1990 Law on Fighting Disruptors of Economic System. 4
Following this law, on July 3rd 2006, around 102 people were arrested in the southwestern city of Ahvaz, Khuzestan province of Iran. 5
In Ethiopia , GoldQuest has been labeled illegal. 6
In Srilanka, the company was investigated by the Central bank of Srilanka, which resulted in the central bank banning banks from facilitating GoldQuest transactions. 7
Seven persons who were having a GoldQuest promotional scheme were arrested by the Srilankan police under The New anti-pyramiding provisions of the Banking Act. 8
Acting on a complaint from one of the company's network members, the police arrested the officials under the Prize Chits and Money Circulation Scheme (Banning) Act and Section 420 of the Indian Penal Code 9. This has prompted GoldQuest to obtain a restraining order from the court against the Chennai police.10
On August 28, 2007, the Philippines Department Of Justice through the Quezon City Public Prosecutor's Office filed with Quezon City RTC, Branch 219, a motion to withdraw the complaint for syndicated estafa against a Malaysian businessman and his 4 partners including 3 Filipinos behind the multi-billion dollar GoldQuest investment scheme. The reason for the rejection of extradition is that Indonesian law does not recognize syndicated estafa and therefore in the eyes of Indonesian justice there was no crime.
- London Kural Coverage of Gold Quest owner's recent arrest in Indonesia