Malaysia

4 individuals lose RM3.2 mil to investment scammers

Alleged con artists claim to work for foreign bank in neighbouring country

Updated 4 years ago · Published on 06 Jan 2022 2:30PM

4 individuals lose RM3.2 mil to investment scammers
Miri MP Dr Michael Teo Yu Keng warns the public to be wary of foreign investment packages that seek individuals to deposit large sums of money, offering attractive financial returns. – Pixabay pic, January 6, 2022

by Stephen Then

MIRI – At least four individuals here have fallen victim to alleged investment scammers and lost about RM3.2 million in the process, said Miri MP Dr Michael Teo Yu Keng.

He added that these alleged scammers claim to be working for a foreign bank that is based in a neighbouring country.

Teo, in his warning, said the alleged scammers are promoting “attractive bonds with lucrative financial returns” in a bid to seek out “victims”.

“I want to warn the public to be very careful as there are people going around promoting what they say are attractive investment schemes from a bank.

“These people, who claim to be working for a foreign bank based in a neighbouring country, are seeking investors who are willing to deposit large sums of money for investment bonds.

“Four people here who were cheated had lodged police reports and filed civil suits against the bank.

“They are trying to recover the money they have been duped into investing in the alleged bonds. The suits will be brought up in March, in the high court here.”

Teo said he has obtained information that these alleged foreign investment schemes are not approved by Bank Negara.

“Do not get involved in foreign investment packages that offer attractive financial returns.

“Check with local financial advisers first before putting your money in such schemes.” – The Vibes, January 6, 2022

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