KUALA LUMPUR: For more than three years, the numbers on their screens told a convincing story.
Steady gains, smooth withdrawals and returns of up to 5% every fortnight.
Encouraged by profits, many doubled down, pumping in more of their hard-earned savings into a scheme they thought was the answer to a luxurious lifestyle and comfortable retirement.
Then, almost overnight, the kill switch was pulled and investors across the globe lost it all in the scheme to the tune of over RM90bil.
On Tuesday, more than 300 foreign nationals came to Malaysia to seek recourse after allegedly losing more than RM8bil to a fraudulent online investment scheme with a Malaysian from Penang said to be the mastermind.
The victims were mostly small-time businessmen and salaried employees comprising mostly of nationals from China, with others from Taiwan, South Korea, Thailand and Vietnam.
Kuala Lumpur-based lawyer Andy Yeoh, who represented the group, said the victims first came across the scheme on an online platform in 2018.
He said over the next four years, victims channelled funds into the scheme after being persuaded by the alleged Malaysian mastermind that they could earn returns of up to 5% monthly.
"In the early stages, returns matched their investments. They were even able to cash out their profits but from September 2021 onwards the facade began to crumble.
"The scheme's website started experiencing disruptions before withdrawals were disabled altogether. Victims were unable to make withdrawals but the website remained active until it was deactivated in 2025.
"Our clients, about 300 of them, were left in the lurch and lost roughly RM8bil. Authorities in China have classified it as a pyramid scheme," Yeoh told a press conference at his law firm here on Wednesday (April 22).
He said according to records on the website, there were about 970,000 accounts beloinging to people of various nationalities who parted with funds amounting to over RM93bil.
Yeoh said seven foreign victims who collectively lost about RM24mil lodged reports at the Cheras police headquarters on Wednesday.
He said the individual behind the scheme was traced to Penang.
"We sent him a legal notice demanding the return of funds to the victims. However, he denied any involvement in the scheme and claimed to be unaware of it.
"We also learnt that he is a person of interest in a police case involving money laundering," he said.
Yeoh added that the scheme had been blacklisted by Bank Negara in its financial consumer alert list.
He urged the police and relevant authorities to investigate the matter thoroughly and bring those responsible to justice.
"Our clients have consented to proceed with civil action against those concerned and are hopeful of recovering some of their losses," he said.
He added that more foreign victims are coming forward.
Yeoh also said they were aware of Malaysian victims but none had approached him for legal services.
