KUALA LUMPUR – An investment company duped many investors into suffering more than RM100 million in losses via a fraud scheme involving the purchase of Islamic Redeemable Shares, offering high dividends of up to 3.3% a month and using corporate personalities.
Malaysia International Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim said the organisation had received more than 330 complaints from victims related to the scam committed by the company.
“The company convinced investors by claiming that it is registered as a limited corporation with the Securities Commission and used the names of well-known corporate figures, while offering dividends ranging from 3.1 to 3.3% per month. MHO understands that the company has managed to trick more than 700 investors,” he said.
Hishamuddin said this at a press conference after lodging a police report with 100 victims against the company at the Sentul district police headquarters here today.
He also urged the authorities to take quick action against the company and added that a complaint will also be lodged at the Companies Commission of Malaysia and the Securities Commission.
Government pensioner Harun Mohd Yunos, 63, invested in the company after his friend, who was also a victim, told him about the scheme. He claimed he had lost RM500,000
“My wife and I started investing in the company in October 2021 and began receiving dividends in January 2022. However, in May 2022 the dividend payments stopped because the company said it wanted to buy back its shares and they (will) return our investment money,” he said.
“But until now, our investment money has not been returned.”
Meanwhile, a primary school teacher in Kuala Lumpur, Zakirah Yaacob, 31, said she decided to invest with the company because it featured prominent banking figures.
“I am very careful and am not easily satisfied in matters like this; in fact, police would come to the school where I teach to give awareness talks about scammers… but I became convinced when the company featured famous figures. I became confident in investing and now because of that I have lost RM50,000,” she added. – Bernama, March 4, 2023
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