Millions lost in alleged bogus investment scheme

GEORGE TOWN: Many are crying foul after a company offering a high yield investment scheme promising high returns did not live up to its promise.

One of them was Justin Tay who said they were promised returns of up to 40% a month.

He said he started investing about a year ago and was confident as the company was properly registered.
He said he has yet to get the returns promised while those in his group of 107 persons have lost some RM6 million, although he believes the number could be higher as the scheme was popular.

"We believed the company was valid and run properly," he said in a press conference organised by Penang Gerakan today and attended by 20 other investors.

One of them was former factory supervisor Chiang Teik Heng, 57, who said he put his entire Employee Provident Fund (EPF) savings of RM129,000 into the investment in January but has not received anything.

"I invested the whole amount straight away after I was told the scheme was a good saving plan. The agreement also guaranteed the returns but now all my money is gone," he said.

Geoh Joo Hock, 57, said he has invested RM43,000 in January this year but has not seen a single cent in return.
"My wife and my uncle have invested too, they face a similar fate as me," he added.

Penang Gerakan vice chairman Oh Tong Keong meanwhile advised the public to be cautious when choosing investments.

He also urged the relevant authorities to speed up the investigations in the matter and called upon Bank Negara Malaysia (BNM) and the police to act quickly.

When contacted, Penang Commercial Crime chief ACP Abdul Ghani Ahmad confirmed police reports have been lodged on the issue.

"Investigations are underway," he said briefly.

Attempts to contact the director of the company was not successful at the time of writing.