Over 100 victims urge police to act on investment scam

New Straits Times

05-06-2025

KUALA LUMPUR: More than 100 victims allegedly duped by an investment scam have come forward to urge the police to take action against the syndicate responsible.
The victims gathered outside the Federal Commercial Crime Investigation Department at Menara KPJ here this morning, hoping the authorities would expedite the investigation into the case.
One of the victims, who only wanted to be known as Vincent, 38, a programmer, said he had dreams of getting married and buying a house.
"I learned about the investment scheme through several friends and decided to join in.
"I invested a total of RM120,000 before the company abruptly converted our investments into an unknown cryptocurrency with no real value," he said, adding that he has now lost his life savings.
Vincent said it was difficult to accept that he had to start saving from scratch.
"This was my life savings. How am I supposed to support my parents and my sister, who is still studying, as the sole breadwinner?" he asked.
Meanwhile, retired accountant Alan Tan, 58, said he invested more than RM150,000 in the scheme back in 2020.
"Without warning, they converted our investments into a cryptocurrency that had no value.
"There was no one we could turn to when this happened. I just hope the police will step in and make an example out of them," he said, adding that he and other victims would only be satisfied if those responsible were sentenced to more than 25 years in jail and several strokes of the cane.
Tan said many victims had lost their life savings and were forced to sell their homes just to make ends meet because of the scam.
Another victim, who only wanted to be known as Ganesh, 50, said he, along with his family members and close friends, had invested nearly RM2 million.
"My wife and I now don't know how to face them.
"Many of them invested their life savings because, at first, the scheme offered good returns. We were shocked when the company later began paying returns in the form of an unknown cryptocurrency," he said.
Malaysian International Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim said the organisation had received complaints from 209 victims involving losses amounting to more than RM82.16 million.
"All of these victims have lodged police reports.
"Based on our checks, the company is owned by a Malaysian and also employed other locals as marketing agents to promote the syndicate's schemes," he said, adding that the victims are urging the police to expedite investigations and bring those responsible to justice.