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Nation

Wednesday, 3 May 2017

Flashy ads, but no gain for investors

PETALING JAYA: They promised her lucrative returns and gave assurances that her “investment” would be used to generate income through forex, tourism and luxury products.

Convinced by the flashy advertisements and enticing words, she invested US$500 (RM2,170) in March.

Two months later, Michelle Lam has yet to recover the money despite demanding repayment from the company.

A frustrated Lam said she would now complain to Bank Negara Malaysia about the company called Change Your Life (CYL).

“I am not the only one suffering (such) damages and other investors were neglected by the company after demanding payment,” she wrote in a letter she planned to send to Bank Negara this week but had already posted on Facebook.

She wanted Bank Negara to investigate the matter, adding that she would also be making a police report against CYL soon and was willing to be called as a witness in any proceedings against it.

CYL is one of three forex schemes which allegedly went bust last month.

The other troubled schemes are Penang-based JJPTR and agriculture-cum-forex scheme Richway Global Venture, which came to light when members failed to receive their “profits” on time as promised.

In the past two weeks, both JJPTR and Richway grabbed headlines after they were believed to have suffered losses of up to US$400mil (RM1.73bil) and RM1.2bil respectively.

Just last week, many CYL investors gathered at its office in Icon City, Penang, to demand repayment.

Tags / Keywords: Courts Crime , bank negara malaysia , scam , change your life

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