Over 1000 people lost RM15mil in Penang Get-Rich-Quick Scam

GEORGE TOWN - Thirty-four people, including retirees, are claiming that they have been duped into parting with their savings in an investment scheme that promised high returns.

One of the investors, R. Kumaraguru Naidu, 54, who represented the group in lodging a report at the George Town district police headquarters, alleged that they were cheated between several thousands ringgit and RM300,000 each.

In the report, the group said they suspected something amiss when the staff members of the scheme failed to submit their invested funds to its headquarters in Kuala Lumpur.

“For the first few months, we got returns on the amount as promised but stopped receiving any since February,” Kumaraguru said at a press conference yesterday.

He hoped that the police and Bank Negara would investigate the matter urgently.

The company started its operation in October last year.

It is understood that over 1,000 people have invested in the scheme, involving a sum of RM15mil.

A check on the company’s website showed that investors could choose to sign up for different investment packages, starting from RM350 to RM35,000.

Another investor Subbiah G. Mugunthan, 76, said he was introduced to the scheme by a friend last December.

“I am a retiree and was hoping to make some money to support my medical expenses,” he said, adding that after getting the first payment, the agents disappeared.

The company could not be reached for comment.