KUALA LUMPUR: An attractive dividend between 15 and 17 percent was one of the tactics used by a fraudulent investment syndicate that duped more than 150 individuals who incurred losses amounting to RM830 million.
One of the victims, who wished to be known as Rahmah, said she lost over RM1 million after failing to enjoy an attractive dividend since 2020.
The money was from her savings, as well as her husband's savings. My husband and I joined the investment after being convinced by the paperwork and the performance of the company which showed convincing data and did not show any element of fraud.
"It just so happened that my husband and I were planning to increase our savings for the future, so after examining the documents provided, we continued to participate in the investment," said the 63-year-old after holding a press conference together with other fraud victims in Sentul here today.
Rahmah said the situation started to change when she was unable to get the returns as promised after three months of joining the investment.
"Coincidentally, it was during the Covid-19 pandemic. The reason given was that the business suffered a decline, resulting in the dividend of the investors having to be postponed.
"After that, various reasons were given to us, until the company stopped sending us updates on our investment," she said.
Another victim, who only wanted to be known as Hashimah, said the investment scam had ruined her relationship with her siblings. She lost more than RM300,000 to the investment scam.
"At first, I was approached by an individual who acted as a marketing agent offering to invest in shares of a company that promised me good returns.
"I invited my sister and brother to join, and we invested our money together in this investment," she said.
She said when the expected return did not come as promised, it caused a falling out with her brother and sister.
"They trusted me regarding this investment and I am sad this happened. I did not contact them and I do not want to be like this either.
"I am also a victim. I hope that the respective authorities can assist me," she said.
Meanwhile, Malaysia International Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim said all the victims were involved in five types of investments that were introduced by a marketing management company.
He said all the victims were introduced to several types of investment offers such as investment through trust funds, investment in the purchase of shares, investment through short-term notes, and also the issuance of sukuk.
"All the investments offered involve a certain period, while the profits or dividends offered were also very attractive at 15 per cent per year for investments through sukuk and investments through trust funds.
"For investments through short-term notes, the promised profit is as much as 20 to 24 per cent per year, while for investment through the purchase of shares, the dividend offered is as much as 15 to 17 per cent per year," he said.
Hishamuddin said problems started to arise when the victim no longer received payment dividends and profits as promised.
"It is even sadder when the money invested by the victims was not returned by the company, which took their money.
"At the same time the victims were informed that those who marketed the investment schemes were the same party that received the investors' money," he said.