'RM1,000 for US$3mil profit':57 people lose RM8.7mil in scam
KUALA LUMPUR: Fifty-seven people have lost an estimated RM8.7 million since 2018 after being duped by an investment scam that promised massive returns, including US$3 million for a RM1,000 investment.
The scam, which promised a return of US$3 million for a RM1,000 investment, was premised on "activating" billions in US dollars in cash and gold supposedly belonging to a wealthy individual in a neighbouring country.
These assets were purportedly held in foreign institutions in the UK and Switzerland. Victims were asked to invest RM1,000 to help "activate the funds."
One victim, a 45-year-old businessman named Bakri, said he lost RM320,000 after joining the scheme in 2022.
"I started investing RM1,000 in 2022 after a friend, who was an agent or leader mandated by the mastermind, introduced the scheme to me," he said at a press conference with the Malaysia International Humanity Organisation (MHO).
"After making the first payment, my friend, acting as a leader, kept asking me to add more money to the investment, and I complied without any doubt. It was like I was mesmerised.
"I kept following their instructions every time they asked me to top up my investment until I started asking about the profits last year," he said.
Bakri said he sensed something was wrong and informed his investment leader that he wanted to withdraw, but he was threatened with losing all the money he had invested from the start.
He and 56 other victims have since lodged police reports and sought MHO's assistance.
"The victims who came to MHO reported individual losses ranging from thousands to hundreds of thousands of ringgit, with the total estimated loss now reaching RM8.7 million," he said.
Hishamuddin said the alleged company behind the scam was not registered with any recognised financial institution in Malaysia.
"To this day, the complainants also said they have never received any promised returns and have only been given various excuses, including technical problems with foreign banks and incomplete fund transfer processes," he said.
He added that 30 reports have been opened under Section 420 of the Penal Code for cheating. Seven reports are still under investigation, and one report has been classified as an NFA (No Further Action) instruction.
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