354 investors allege RM109.3m losses in four unlicensed investment schemes
ALLEGED losses totalling RM109.3 million involving four suspected unlicensed investment schemes have prompted 354 individuals to seek a Bank Negara Malaysia (BNM) investigation. International Malaysia Humanitarian Organisation (MHO) secretary-general...
A total of 354 investors have demanded that the Bank Negara Malaysia (BNM) investigate four unlicensed investment schemes, alleging combined losses of RM109.3 million. International Malaysia Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim disclosed that the plaintiffs estimated their total losses at RM109,314,641.94, claiming the companies involved offered investment programmes without proper authorization.
Hishamuddin explained that many individuals were lured into the investment schemes through advertisements and marketing materials that appeared to indicate the companies possessed the required authorities to operate them. He claimed that the primary reason people joined these investment programmes was the companies' misleading advertisements and marketing that suggested they had the necessary approvals.
The complainants had previously reported the cases to the police, but they were classified for referral to other agencies before being forwarded to BNM for a more thorough investigation. Additionally, MHO called for an inquiry into potential breaches of Section 137(1) of the Financial Services Act 2013.
Written by urgent.news from The Vibes's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
