KUALA LUMPUR: Over 100 victims who lost over RM1mil to scammers running bogus investment schemes have provided further statements to the Companies Commission of Malaysia (SSM) for it to investigate companies suspected of embezzlement and fraud.
Representing the victims, Malaysian International Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim said he hoped that the additional statements would help SSM.
According to him, there have been no arrests since the complaints were filed last March.
“With reference to Section 27A of the SSM Act, which provides for enforcement and investigative powers, the registrar (SSM chief executive officer) shall have all the powers of a police officer in all matters provided for in the proceedings.
“This means that the SSM has the power of arrest. They have police powers. You do not have to wait for the police. SSM has the authority to make arrests in cases where an investment scheme is not registered under the Interest Schemes Act 2012,” he told a press conference at Menara SSM @ Sentral here yesterday, Bernama reported.
According to Hishamuddin, company directors who operate investment schemes without registering with the SSM under the Interest Schemes Act may be subject to a maximum fine of RM50 million or a jail term of up to 10 years.
This is the third step taken by the scam victims after they lodged reports with the police and Securities Commission in March and April respectively, he said.
Most of the victims admitted that they became interested in the investment schemes after the companies used the names of celebrities, royals, former government officials and religious figures who were later found not to be involved in the schemes.
A father of a famous athlete, who wished to remain anonymous, said he lost RM150,000 after believing that the investment scheme was a product of a local bank.
“The representative who introduced me to the scheme with returns of up to 6% per month was actually a bank employee. I only received the bonus for the first three months and to this day, I have not received any money,” he said.
