KUALA LUMPUR: A retiree lost a whopping RM1.93mil after investing in a scheme that claimed to be syariah-compliant.
The woman was first approached by the syndicate in 2019 and was invited to buy shares in an Islamic Redeemable Preference Shares scheme.
The 74-year-old woman was promised dividends of between 15% and 17% over a short period.
According to Bukit Aman’s Commercial Crime Investigation Department (CCID) director Comm Datuk Seri Ramli Mohamed Yoosuf, the complainant initially received monthly payouts but somewhere down the line, the payments stopped coming in.
“The woman also failed to get any proper explanation from the company offering the scheme on why the payments had stopped.
“She lodged a report in Shah Alam last year, and we opened investigations under Section 420 of the Penal Code for cheating,” he said.
Comm Ramli reminded investors not to be easily duped by promotions offering investment schemes that were Islamic or syariah-compliant.
“Those interested must conduct thorough vetting through various government agencies and learn and understand the types of investments they are participating in.
“Most importantly, never take part in investment schemes that are not licensed or recognised by Bank Negara and the Securities Commission,” he said.
Comm Ramli advised the public that they could get further advice by contacting the National Scam Response Centre (NSRC) by dialling 997.
“Always cross-check phone numbers and bank account numbers through the SemakMule portal before making any payments,” he said.
Meanwhile, a deal that sounds too good to be true must be avoided at all costs, says Malaysians Against Rape, Assault and Snatch Thief (Marah).
Its founder, Dave Avran, said the public needs to be extra cautious when dealing with any party offering deals that clearly are not following the market rate.
“Be it items sold online at a much cheaper rate or investment schemes that offer returns that are much higher than ever seen before, the public should not part with their money without first making sure they are not being duped.
“For investments, those interested should always conduct background checks on the companies offering said schemes.
“We are aware that some syndicates are misusing images of public figures and celebrities to promote phoney schemes,” he said when contacted recently.
He said just because a company has a familiar face to attract investors does not make it legitimate.
“There are many unscrupulous people out there waiting to make a quick buck, and they will use any means necessary to fulfil their goal.
“Don’t become a victim. Always conduct the proper checks with the Securities Commission and Bank Negara,” added Avran.
He said the key to fighting these syndicates was awareness.
“One must always keep in mind that scams are promoted online and through social media.
“Treat any investment opportunity advertised with scepticism, and always do your own research before taking the plunge,” he said.
