PETALING JAYA: Money game company Maxim Trader which amassed billions of ringgit from its so-called investment scheme launched four years ago, is believed to have gone bust. This leaves grave consequences for thousands of its investors who have waited more than two years to recover their money. A company insider, who is familiar with its financial standing and administration, revealed this to theSun and said over 90% of its funds were gone and the company was declared defunct exactly two years after it launched the scheme in 2013. Apart from paying out returns to a few investors, insiders claim that most of the funds were lost to marketing costs and seizures by the authorities of several countries. "Tens of million in funds were frozen by the authorities of Taiwan, Korea, Japan and parts of China when they began a probe into the company following complaints from investors. "The funds were parked in these countries. Then more funds were lost to grand marketing exercises and roadshows to promote the scheme here and overseas," the insider said. He said as Maxim Trader was a company registered in the Seychelles, it would be a long-shot attempting to recover their money via legal means from what is left in the company. "The wisest move the investors can make is to seek those who introduced the scheme to them - the recruitment agents - and demand for their money through legal means. "These upline agents made a lot of money and became millionaires by recruiting investors. Perhaps they can recover part of their investments if they sue agents for misleading them. Then, there are also assets such as a large tract of land in Genting Highlands acquired by Maxim Trader. To whom will these assets go since the company has gone bust?" Businessman Abdul Rahman Abdullah, 65, who invested RM360,000, said he recently met a former senior official of the scheme's administration who confirmed that Maxim Trader was a defunct company but there were plans to revive it. "I was told that the most recent plan is to public-list a company in the China stock market and shares will be given to investors. It is another so-called plan like all the others in the past and I am not buying it this time. I have had it with them and want a full refund. They made me an offer of a partial refund but I want my money in full. "I will soon embark on a 'roadshow' to meet all affected investors in all the countries Maxim Trader had ventured into to seek justice. We will work towards recovering our funds by all means" he said. Alan Tan, an accountant who invested more than RM1.5 million in the scheme, told theSun that he intends to join Abdul Rahman on the roadshow. Although several investors have made reports with the police and Bank Negara, it is yet to yield any full-scale probe by the authorities on Maxim Trader. Maxim Trader, which was red-flagged by Bank Negara, had more than 50,000 investors. It is said to have amassed more than RM20 billion in funds since its inception in 2013. Three Malaysians, a datuk seri and two datuks aged between 30 and 60, were said to be the founders of the company while several foreigners were appointed to top positions as heads of finance, trading and communications.