Get-rich-quick scheme syndicate: Around 100,000 victims deceived

KUALA LUMPUR - Invest RM250 to get a return of USD$ 200 million, invest RM1,000 and get a USD$ 3 billion return.

These were the sweet promises made by a get-rich-quick scheme syndicate which deceived many victims, nationwide.

Jaringan Sahabat Malaysia Association (JSM) chairman Mohd Radzi Abdul Rahman said investigations carried out by the association found that the syndicate believed to have been operating since 2001, had deceived around 100,000 victims from various backgrounds.

He said members of the syndicate would move separately in small groups offering various types of investment packages with lucrative returns through WhatsApp groups.

"These victims have made long-term investments through packages offered through WhatsApp and some of them have invested since 2015.

"To convince the victims, the syndicate used false documents and claimed that the investment was supported by various agencies including Bank Negara Malaysia (BNM), Home Affairs Ministry and the United States Justice Department," he said.

He said this at the Sentul district police headquarters after lodging a report with 40 victims here on Saturday.

Mohd Radzi said after receiving hundreds of complaints from the victims involved, he met with the top management of the investment scheme which was managed by a local businessman.

"Obviously they (the syndicate) failed to provide authentic evidence and there was no valid documentation. It was worse when we found many fake documents and various tricks were used to cover up their actions.

"In fact, when contacted, BNM also confirmed that the investment fund was fake or fraudulent.

"The embassy also denied their involvement with the investment," he said.

He said the victims were from various backgrounds, including villagers to professionals and even civil servants.

"Based on the complaints we received, some lost as much as RM1.5 million. Many complaints have been made across the country but most are made individually.

"Most of these victims entered (the scheme) through only WhatsApp and this makes the investigation difficult because there is no document confirming that they are members of the investment," he said.

In this regard, Mohd Radzi urged the authorities to immediately take action against the syndicate to avoid more people from falling victims of the syndicate.

"We have submitted all the evidence from our own investigation so we hope that action could be taken by the police and related agencies," he said.