Victor Foo, a Malaysian national, launched Auruma International in late 2011. Foo operates the company from Singapore, though Auruma is incorporated in the British Virgin Islands, a known tax haven. Foo has worked in the insurance industry since 1991; Auruma appears to be his first venture into multi-level marketing.
Foo also runs SG Net Pte Ltd, established in 2009. This platform allows customers to buy and sell physical gold and silver products through a secure online portal.
In early 2012, Foo introduced a third business, Singapore Precious Metals Exchange Pte Ltd (SGPMX). SGPMX operates as a "valuables" storage facility. It promises clients anonymity and fast transactions.
SGPMX requires a $1 million USD minimum deposit. It operates from a "free trade zone" located next to Changi International Airport.
Foo compared Changi to Malaysia's Kuala Lumpur International Airport (KLIA) in a February 2012 interview with "The Star Online." He stated that moving 100kg of gold from a house to KLIA is difficult. Clearing a consignment at KLIA takes at least 45 minutes, he noted. At Changi Airport, it takes only three minutes.
"If you are a high nett worth individual, you wouldn’t want to expose yourself and you don’t want your name to appear in the export papers," Foo told "The Star." He then reassured the newspaper he was not "going to be laundering any blood money," adding that "the Singapore authorities will close (him) down" if he were.
In an April 2011 interview with "AurumaWorld," Foo explained his decision to start Auruma. He claimed he founded the company after his SG Net business stabilized. "After SG Net found it’s footing, I started to look for easily accessible avenues for the man in the street to preserve his, or her, wealth," Foo said. This prompted him to use SG Net’s existing framework to start Auruma International.
Auruma International deals in precious metals. Members can purchase silver and gold bullion, Dirham currency, and various numismatic coins at "member prices." Members also sell these precious metals to retail customers through a replicated online storefront.
The company stores purchased gold and silver at "Certis Cisco." Auruma describes this as a "24 hour maximum security bonded government secure warehouse."
Each 12-month Auruma membership subscription includes 12 months of gold and silver storage at Certis Cisco. After this initial period, members can continue storing their metals for an annual cost of half a percent of the metal's value. Alternatively, members can arrange to have their metal shipped to them or pick it up in person from Certis Cisco during the first twelve months or afterward.