A ONCE award-winning registered cooperative, previously recognised as the Best Cooperative in Pahang, stands accused of defrauding its members through a non-existent investment scheme, with dozens of victims claiming total losses nearing RM5 million.
One of the victims, Osman Parja, 62, from Kajang, Selangor, said he lost RM200,000 after joining a so-called “special savings scheme” offered by the cooperative in 2021, which required a minimum investment of RM30,000 per person.
“We were promised an annual return of 15 per cent, but I only received the first payout. After that, nothing came through. When I tried to withdraw half of my capital, they said the money was gone.
“Every time I contacted the cooperative, the excuse was the same – they were supposedly in the process of securing funds. Eventually, they admitted the money was gone, and even the gold shops in Putrajaya and Kuantan they used to lure investors have shut down,” he said.
Osman is among dozens now urging the Malaysian Cooperative Commission (SKM) to take urgent action over the long-running case, claiming they were misled into believing the cooperative was credible due to SKM’s oversight.
“I believed them because they were regulated by SKM. They even operated gold shops to convince the public, but now those shops are closed and our money hasn’t been returned. We hope SKM will act because this has dragged on for years,” he added.
Another victim, Halilah Salahuddin, 59, from Serdang, Selangor, said she lost tens of thousands of ringgit, which has had a devastating impact on her daily life.
“Many of us are senior citizens who lost our life savings. Some planned to buy homes or fund their children’s education – all of that is now gone. I’ve lodged three police reports since 2021, but was told the case was classified as RLA (Refer to Other Agency) and handed over to SKM.
“We’re truly hoping SKM will be transparent and act swiftly. If not, public confidence in cooperatives will collapse,” she said.
Earlier today, more than 30 victims gathered at a press conference organised by the Malaysian Muslim Consumers Association (MHO), led by its Secretary-General, Datuk Hishamuddin Hashim, before lodging an official complaint with SKM at its office in Jalan Changkat Semantan.
Hishamuddin revealed that MHO has received 66 complaints from victims so far, with total reported losses amounting to RM4.92 million.
He added that some police reports were filed in Kuantan and investigations were opened under Section 420 of the Penal Code, while the case in Kajang was referred to Bukit Aman before being classified as RLA and handed to SKM. - August 25, 2025
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