KUALA LUMPUR - The Securities Commission of Malaysia (SC) has been urged to speed up its investigations on fraud cases involving several companies with losses of almost RM1 billion as there has yet to be any action after complaints were lodged since April.
Malaysian International Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim said the organisation was concerned that all embezzled investments would be siphoned away by the purported scammers behind the frauds.
"We are concerned that the syndicates will resurface (to scam other people). They have acquired the funds, they are used to defrauding people, so they can run a new scam (with new faces, different company names and new modus operandi).
"Based on the MHO’s experience of going against these scammers, they would reappear with a new episode and new faces because they found an easy way to generate income.
"That’s why the MHO is urging the SC to speed up its investigation and to send the results to the Attorney-General’s Chambers if there’s a case to prosecute,” he said at a media conference after seeking the latest status of investigations involving 500 victims from the SC.
This is the second time MHO has visited the SC after its first visit on April 5 to submit complaints to the commission for further action.
Hishamuddin also added that they had lodged police reports previously, and were referred to the SC and to bring it to the Companies Commission of Malaysia (SSM).
He had been informed that the cases were still being investigated during his meeting with the SC and that the commission was prioritising the investigation, but it would take some time as it involved a large sum of losses and also due to the high number of victims.
Meanwhile, MHO securities and legal director Rezza Khalid said the case will be brought to the courts and then the Parliament for further action if the MHO did not get any response from the SC about this matter.
He was given to understand that `15 victims had cooperated with the SC to faciliate investigations.
"The MHO is asking investors and victims not to give up as there are still ways and decision points will be in October (when the matter is brought to the courts and Parliament),” Rezza said.
A total of 500 victims who were defrauded by an investment scam with losses reaching RM1 billion sent a complaint to the SC to enable the commission to investigate the companies believed to be behind the embezzlement of their investments.
The companies, which were offering investment schemes at high dividends and returns, also used the names of well known celebrities, royalty, former senior government officials and religious figures, all of whm were actually not involved at all with the scheme. -Bernama
Malaysian International Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim said the organisation was concerned that all embezzled investments would be siphoned away by the purported scammers behind the frauds.
"We are concerned that the syndicates will resurface (to scam other people). They have acquired the funds, they are used to defrauding people, so they can run a new scam (with new faces, different company names and new modus operandi).
"Based on the MHO’s experience of going against these scammers, they would reappear with a new episode and new faces because they found an easy way to generate income.
"That’s why the MHO is urging the SC to speed up its investigation and to send the results to the Attorney-General’s Chambers if there’s a case to prosecute,” he said at a media conference after seeking the latest status of investigations involving 500 victims from the SC.
This is the second time MHO has visited the SC after its first visit on April 5 to submit complaints to the commission for further action.
Hishamuddin also added that they had lodged police reports previously, and were referred to the SC and to bring it to the Companies Commission of Malaysia (SSM).
He had been informed that the cases were still being investigated during his meeting with the SC and that the commission was prioritising the investigation, but it would take some time as it involved a large sum of losses and also due to the high number of victims.
Meanwhile, MHO securities and legal director Rezza Khalid said the case will be brought to the courts and then the Parliament for further action if the MHO did not get any response from the SC about this matter.
He was given to understand that `15 victims had cooperated with the SC to faciliate investigations.
"The MHO is asking investors and victims not to give up as there are still ways and decision points will be in October (when the matter is brought to the courts and Parliament),” Rezza said.
A total of 500 victims who were defrauded by an investment scam with losses reaching RM1 billion sent a complaint to the SC to enable the commission to investigate the companies believed to be behind the embezzlement of their investments.
The companies, which were offering investment schemes at high dividends and returns, also used the names of well known celebrities, royalty, former senior government officials and religious figures, all of whm were actually not involved at all with the scheme. -Bernama