RM4.4 billion in losses to phony investment schemes

KUALA LUMPUR: Police have uncovered a whopping RM4.4 billion in losses by members of the public involving 24 investment schemes between July 2013 and September this year.

Bukit Aman Commercial CID director Acryl Sani Abdullah Sani said that 2,500 reports have been lodged involving total losses of around RM362 million.

He said in a press conference today that this is just the number of victims who have come forward to report these schemes, adding that the number of people who have fallen prey could be more than 1.7 million.

Leading the list of the 24 schemes are the famous JJ Poor to Rich (JJPTR) investment scheme which involved 500,000 victims which accrued losses of up to RM1.2 billion.

Another is the MBI group International or Mface which involved losses of RM700 million. An estimated 350,000 people have been victims of this scheme.

Other schemes include BitCoin- Bit Kingdom investment scheme, Mekah Islamic Hotel, GM Friday, Monspace and Crude Palm Oil.

"We had repeatedly reminded members of the public not to fall for such schemes ... There is no genuine investment scheme that offers high returns in such a short time, there is no such thing as an investment scheme that could promise more than 10% returns in a month," he said.

He urged the affected parties to come forward and report the matter if they have fallen prey to such schemes.