Don’t fall prey to Ponzi schemes

27 Apr 2021 / 10:42 H.

MORE Malaysians have fallen prey to yet another scam! Falsely misrepresenting themselves as Brunei Investment Agency 1983, the Ponzi scheme has destroyed families with estimated losses in millions of ringgit.

Ironically when one does a company check under Companies Commission (SSM) their business registration number is under BIA 1983 Resources. It comes to no surprise if uninformed investors would be tricked into it. The question is how could SSM allow the company to be registered closely similar to an existing foreign entity?

Sharing an acronym is enough to confuse and mislead people, although it should not serve as an excuse as investors must always request for the company prospectus beforehand. Notwithstanding that, they managed to open a bank account under a ‘fraudulent’ company name. Are banks more lenient now to attract businesses?

Our current economic situation has left many in dire straits and more are willing to risk their life savings in hope for a quick change of fate.

The scammers have been active in Malaysia for years now and clearly there are no signs of them slowing down. Ripening of the situation post pandemic, people are more desperate and willing to gamble with fate.

The recent advertisement title “Judi Raya” that went viral must be condemned not only because it promotes an activity that goes against their religious belief and racial sensitivity. It encourages the culture of getting rich quickly by trying your luck.

Online gambling is no different from a get-rich-quick scheme when your effort goes as far as how much you are willing to stake?

Stern action must be taken by our authorities to aid the victims. Government agencies must look into proactive measures to protect the public during these tough times.

Yuvraj Naidu

Social Activist

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