Chinese investors after 'Malaysian farmer'

16 May 2017 / 18:01 H.

“THREE thousand Chinese citizens are after Malaysian farmer”, says the front-page headline of China Press.
The farmer in this case is Alex Wong, the founder of Richway Global Venture, which is reported to have collapsed, and the Chinese investors are up in arms over their failed venture.
“You brought us from heaven to hell within a short period of three months. Our only wish now is for you, Alex Wong, to go to jail,” the daily’s report today quoted some of the angry investors as saying in WeChat, a social media application widely used in China.
Established in Malaysia late last year, Richway entered the Chinese market early this year and managed to attract about 20 million renminbi (about RM12 million) in investment within three months with its slogan “Richway, the way to grow your wealth”, before its scheme collapsed in the wake of the JJ Poor to Rich (JJPTR) debacle in Malaysia.
The company, presenting itself as an agriculture-cum-Forex trading outfit, promised investors a monthly interest of 30% which they did get but for only two months. The interest payment stopped last month.
Several investors, who contacted the daily via WeChat on Monday, said they were unable to contact the “farmer” and believed they were the victims of a scam.
It is understood that the investors have opened accounts of between US$1,000 (RMB6,899) and US$3,200 (RMB22,079) and some of them have multiple accounts.
“Many of us have made maximum cash advances from our credit cards (for our investment) and we are now unable to service our debts,” said the investors.
The investors, who believed their funds were used to generate income from agriculture activities and Forex trading, said they had never met Wong as the latter dealt with them through a Chinese agent, who has since gone missing.
“We are now prepared for the worst. We want to gather more investors to file a joint complaint to the Chinese embassy in Malaysia as well as Consulate General of Malaysia in Guangzhou.”

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