28 Individuals Lodge Report over RM4.7M Investment Scam

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Conned by a company’s name that sounded like a trust foundation.

Twenty-eight people have lodged a police report against a company bearing the name of a trust foundation over alleged investment scam with losses amounting to RM4.7 million.

Muslim Consumers Association of Malaysia (PPIM) Legal Bureau chairman Datuk Hishamuddin Hashim said many victims were drawn to the gold investment offered by the company due to its name which sounded like a trust foundation.

“I had sent a notice of claims on Feb 20 but they did not entertain. Instead, they sent a lawyer along with a sample of the settlement agreement which, for me, it did not make any sense because there was no assurance that the agreement would be fulfilled,” he told a press conference after the victims lodged the report with the assistance of PPIM at the Sentul district police headquarters in Kuala Lumpur yesterday.

One of the victims, Mohd Zulkifli Ahamad, who invested in Nov 2016, said the company had ceased any kind of payment on investment returns since February 2017.

“Prior to that, we received a payment of between 20% and 35% from the investment. We take a long time to act because we have been waiting for the letter of the agreement which proved to be useless,” said the man who incurred about RM300,000 in losses.