SC urged to probe firms for allegedly cheating through investment scams

KUALA LUMPUR: A group of investors are calling on the Securities Commission (SC) to investigate several companies for allegedly cheating them of their life savings through investment scams.

Retired government servant Harun Mohd Yunos, 63, said he was approached by an “investment agent” in October 2021.

"They seemed to have all the right documents and convinced me so I invested RM250,000 which I withdrew from my Employees Provident Fund (EPF).

"I received RM6,000 for about four months before the company stopped communicating.

"They told us they were redeeming shares and would give us back our investment money which would take about two months," he told reporters outside the SC headquarters here on Wednesday (April 5).

He said the company, however, stopped communicating shortly after.

"We haven’t heard anything from them since then. I lost my life savings," he said.

Meanwhile, another investor who declined to be named said she was approached by her sister to invest.

"Since it was my sister, I trusted the investment scheme and took out my savings and funds for my children’s education to invest.

"I even quit my job because I believed the investment returns would be enough to sustain us," she said in between sobs, adding that she invested close to RM100,000 and only received returns for one month before the company just vanished.

She said she was now suffering from depression and had marriage problems because of this issue.

"I really hope the relevant agencies help us and try to get back our hard-earned money," she said.

Malaysia International Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim said the victims were involved in several types of investments offered by a marketing management company.

He said they were lured into putting their money into supposed trust funds, shares, and sukuk, among others.

"We are here now at the Securities Commission to urge them to investigate the companies involved.

"Many of the victims here have retired and have lost all their savings," he said, adding that they believe hundreds of millions of ringgit have been lost to the fraudulent company so far.

He said they would also look into going to Bank Negara Malaysia and even the Prime Minister’s Department so that the voices of these victims are heard.

MHO advisor Tan Sri Musa Hassan urged the authorities to take swift action against companies offering such investment schemes.

"They must look at the accounts of the companies involved and if there are funds it must be frozen and channelled back to these victims," he said.