Wee: Such high returns in money trading not possible

KUALA LUMPUR: Not even a multi-billionaire can guarantee a 100% return on investment within five months, said Minister in the Prime Minister’s Department Datuk Seri Dr Wee Ka Siong.

Slamming the recent cases of money game schemes in the country, he said it came as a rude shock to him that someone could come up with a business plan promising monthly returns of between 20% and 30% from trading in money.

“Just imagine, which currency can appreciate by that much? To get your money back and make a profit in five months is unbelievable and I think many millionaires out there would like to queue up and enrol for this,” he told reporters after giving out education loans under the Chang Ming Thien Foundation yesterday.

Urging the public to be careful and not be greedy, he said that when the risk was high, the tendency of losing money was also high.

“There is no such thing as licences given to these companies and despite the warning from Bank Negara, people just refuse to listen and still want to try their luck.

“People are hoping that they are not the last batch and that they can make money and run.

“Be careful, you may be the last. You will lose it all in the end,” he said.

Dr Wee, who started off as a social worker in 1992, said he has seen many instances of people not making money and even losing their life savings in such schemes.

He also urged schools and charitable groups to properly screen those who want to donate, especially if it was to the tune of millions.

He said some just want to make use of these institutions to deceive the public into thinking that their business plan is genuine.

MCA deputy secretary-general Datuk Wee Jeck Seng said these too-good-to-be-true investment opportunities were only pyramid schemes, money games and investment scams.

He said according to the police, losses from such scams were as high as RM276mil over the past two years.

“Investment schemes make up 47% of all scams and there are several hundred thousand victims. This is very worrisome,” he said.