Author Topic: Scams  (Read 12623 times)

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Re: Scams
« Reply #200 on: May 26, 2017, 03:12:01 PM »
KUALA LUMPUR: More money game victims are now coming forward to make their plight public.

Two school bus drivers from Cheras lost more than RM60,000 after investing in an online shopping scheme back in 2013.

The scheme, called Boss Venture Malls, promised 1.5% dividends every day.

However both men claimed they have yet to receive a single sen in dividends since 2014.

"I got suspicious when my upline sent us a message on April 30 telling us not to worry about the recent slew of money games, such as JJPTR, that have collapsed.

"He assured us that our investment is still safe and urged us to be patient and continue to wait," said one of the bus drivers, who wanted to be known only as Yap.

Yap, 56, invested RM33,000 of his retirement savings into the scheme.

When he received the call, he realised that it was a money game.

"I just realised I'm a victim of a money game. I don't want others to fall into the same trap as I did," he told reporters during a press conference at the Cheras MCA division office at Taman Midah here on Friday.

Both Yap and his other bus driver friend, who wanted to be known only as Ng, made a police report on May 23 with the help of MCA.

Cheras Wanita MCA chairman Heng Sinn Yee urged more victims to make police reports so that investigations could be conducted.

"If no police report is made, many of these money game schemes continue to evade detection.

"We want these schemes to be listed on Bank Negara's Financial Consumer Alert as soon as possible so that the public can be alerted to their dubious nature," she said.

Since April this year, stories of money games collapsing have grabbed headlines, including JJPTR, Richway Global Venture and Change Your Life.

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Re: Scams
« Reply #201 on: May 29, 2017, 04:08:17 PM »
GEORGE TOWN: A team of officers has raided a mall here where shoppers pay for things in virtual currency.

Government officers were seen entering M Mall, which honours the virtual coins of financial scheme operator MBI Group International, at noon on Monday.

Police officers and personnel from the Companies Commission of Malaysia, the Domestic Trade, Co-operatives and Consumerism Ministry and Bank Negara Malaysia entered the mall's management office on the fifth floor.

Reporters were prevented from taking pictures or entering with them.

None of the authorities have released official statements on the raid.

On May 22, Bank Negara red-flagged MBI International Sdn Bhd and Mface International Sdn Bhd, which are subsidiaries of MBI Group.

Investors are allowed to spend their loyalty points, which are converted from virtual money or coins, in exchange for goods and services at affiliated companies, including a supermarket, restaurants, a gym and even a durian stall.

To date, 302 companies have been listed under the BNM financial consumer alert list, for suspicion of not adhering to relevant laws and regulations administered by BNM in their operations.

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Re: Scams
« Reply #202 on: May 29, 2017, 04:11:43 PM »
PETALING JAYA: JJ Poor-to-Rich (JJPTR) is apparently launching a new system although details remain sketchy as to what it is all about.

Visits to the investment scheme’s website, www.jjptr.com, show a message reading: “Site detail(s) is restricted to authorised user only. We are currently having meetings with international IBS prior to new system launching, in approximately 3 days.”

Above the message is the option to either register or log in. Below it, meanwhile, is a list of current agent ID numbers for countries and regions from which JJPTR investors hail: Australia, Brunei, Myanmar, Cambodia, Canada, China, Taiwan, Hong Kong, India, Indonesia, Japan, Macau, New Zealand, the Philippines, Saudi Arabia, Singapore, Vietnam, Thailand and Malaysia.

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Re: Scams
« Reply #203 on: May 31, 2017, 05:00:33 PM »
GEORGE TOWN: A total of RM58mil in a number of bank accounts has been frozen following Monday's raids on a store and mall run by MBI Group International.

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Re: Scams
« Reply #204 on: May 31, 2017, 09:02:55 PM »
UTRAJAYA: Authorities have frozen a total of 91 bank accounts, amounting to RM177 million, that were linked to a local financial scheme company, MBI Group International.

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Re: Scams
« Reply #205 on: June 02, 2017, 12:46:31 PM »
GEORGE TOWN: The founder of MBI International, which is currently facing a probe by Bank Negara, the police, the domestic trade, cooperatives and consumerism ministry, and other relevant authorities, had previously been convicted for fraud in 2011, The Star reported.

Tedy Teow Wooi Huat, 51, and his son, Chee Chow, 28, were sentenced to one day in jail, as well as a total fine of RM160,000 in August 2011 for “cheating and misleading investors” in the Island Red Cafe franchise scheme, between 2008 and 2010.

At the time, Tedy was the executive director of Syarikat Island Red Cafe Franchise Sdn Bhd, while his son was a director. Both had pleaded guilty to fraudulently inducing 93 people to invest a total of RM1,040,400, the report said.

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Re: Scams
« Reply #206 on: June 02, 2017, 02:49:42 PM »
Is Bitcoin One Giant Bubble Waiting To Burst?

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Re: Scams
« Reply #207 on: June 12, 2017, 01:43:37 PM »
GEORGE TOWN: Another money game operator could be in dire straits as a result of heavy losses in forex trading.
 
A loyal supporter, who wanted to be known only as Jack, said the Penang-based company took a bad hit after the pound dived following the shocking British election results on Friday.

“Two of our top fund managers suffered about 95% losses this week to the tune of several hundred million ringgit. This is a huge blow to the company,” he said yesterday.

Although his upline had told him to wait for further announcements from the company, Jack was not convinced the mess could be sorted out that easily.

“Things sure don’t look good. I have about RM50,000 in the scheme since two years ago,” he said.

The company, which was started in 2012, has the largest base in Malaysia at 55%, followed by China at 19%.

Other depositors come from countries like Indonesia, the Philippines, Singapore, Cambodia, Australia, Hong Kong and Brunei.

The minimum investment is US$100 (RM420) with the promise of a passive monthly return of between 10% and 30%. Members can earn a 5% referral commission on funds invested by their recruits, opt for pips rebate or profit sharing.

A 51-year-old businesswoman from Tanjong Bungah said she invested about RM220,000 in the scheme last year.

“I started with RM50,000 last January and topped up the amount gradually,” she said.

Early this year, the company announced on its website that it was in partnership with English Premier League club, West Bromwich Albion FC, she said.

“It has been around for five years and was doing so well before this.

“Many people, including a lot of my friends, will get burnt if the company goes bust,” she said.

This is a potential fourth setback in money game schemes for her after JJPTR, Richway Global Venture and CYL collapsed one by one.

“The companies collapsed in just less than two months. It’s like a chain reaction,” she said.

Self-employed S.G. Tan, 36, said he is keeping his fingers crossed that everything would be fine.

He first invested US$1,000 (RM4,200) in January, and earned US$300 (RM1,260) by March.

It was then that he topped up another US$1,000.

“The scheme looks convincing. We can even set our limit of investment losses by percentage.

“For example, if your investment is RM4,200 and you set 30% as the limit, then the most you stand to lose is only RM1,260.

“And the fund managers did really well, until recently when the losses came up to about 90%.

“I just hope we do not have to bear the losses.

“Just pay us the balance based on the limit of losses that we set,” he said.


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Re: Scams
« Reply #208 on: June 12, 2017, 03:14:22 PM »
GEORGE TOWN: Another money game operator could be in dire straits as a result of heavy losses in forex trading.
 
A loyal supporter, who wanted to be known only as Jack, said the Penang-based company took a bad hit after the pound dived following the shocking British election results on Friday.

“Two of our top fund managers suffered about 95% losses this week to the tune of several hundred million ringgit. This is a huge blow to the company,” he said yesterday.

Although his upline had told him to wait for further announcements from the company, Jack was not convinced the mess could be sorted out that easily.

“Things sure don’t look good. I have about RM50,000 in the scheme since two years ago,” he said.

The company, which was started in 2012, has the largest base in Malaysia at 55%, followed by China at 19%.

Other depositors come from countries like Indonesia, the Philippines, Singapore, Cambodia, Australia, Hong Kong and Brunei.

The minimum investment is US$100 (RM420) with the promise of a passive monthly return of between 10% and 30%. Members can earn a 5% referral commission on funds invested by their recruits, opt for pips rebate or profit sharing.

A 51-year-old businesswoman from Tanjong Bungah said she invested about RM220,000 in the scheme last year.

“I started with RM50,000 last January and topped up the amount gradually,” she said.

Early this year, the company announced on its website that it was in partnership with English Premier League club, West Bromwich Albion FC, she said.

“It has been around for five years and was doing so well before this.

“Many people, including a lot of my friends, will get burnt if the company goes bust,” she said.

This is a potential fourth setback in money game schemes for her after JJPTR, Richway Global Venture and CYL collapsed one by one.

“The companies collapsed in just less than two months. It’s like a chain reaction,” she said.

Self-employed S.G. Tan, 36, said he is keeping his fingers crossed that everything would be fine.

He first invested US$1,000 (RM4,200) in January, and earned US$300 (RM1,260) by March.

It was then that he topped up another US$1,000.

“The scheme looks convincing. We can even set our limit of investment losses by percentage.

“For example, if your investment is RM4,200 and you set 30% as the limit, then the most you stand to lose is only RM1,260.

“And the fund managers did really well, until recently when the losses came up to about 90%.

“I just hope we do not have to bear the losses.

“Just pay us the balance based on the limit of losses that we set,” he said.

thanks  stock guru ah bah for this article  >>  :thumbsup: :clap: :clap:

lets  do  some   Mathematics  -  ( OLY  please  go away--- you only know  copy and paste  , smelly bread  :giggle: :rofl: , python eating goat  :D -  >> OLy know nothing :phew: abouth Math...)

OK  in this QUICK POOR :giggle: :rofl:  SCHEME....

some one  said  he put RM 4,200 ( USD 1,000 )  and  earn RM 1,260  in 2 months....

so it's  ( 1,260 /  4,200  )  x 100 = 30 %  in a long 2 months  ( 60 days )

# cehhhh......nothing to shout  with 30 % gain  taking  60 days....aiyooo... ;).
but  NOW  ALL  ROASTED  TO ASHES  (  DEAD  RAT )  :D :giggle:

##  Better for  him to PUNT CHEAP WARRANTS  EASILY  to GET  30 %  IN A  DAY  ...
EVEN a jackpot  of  100 %  - 200 % in a day 

##....yessss  hmmm  the rule of thumb is the cheaper the warrantss  >> the higher the %  gain ! 

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Re: Scams
« Reply #209 on: June 12, 2017, 03:36:19 PM »
thanks  stock guru ah bah for this article  >>  :thumbsup: :clap: :clap:

lets  do  some   Mathematics  -  ( OLY  please  go away--- you only know  copy and paste  , smelly bread  :giggle: :rofl: , python eating goat  :D -  >> OLy know nothing :phew: abouth Math...)

OK  in this QUICK POOR :giggle: :rofl:  SCHEME....

some one  said  he put RM 4,200 ( USD 1,000 )  and  earn RM 1,260  in 2 months....

so it's  ( 1,260 /  4,200  )  x 100 = 30 %  in a long 2 months  ( 60 days )

# cehhhh......nothing to shout  with 30 % gain  taking  60 days....aiyooo... ;).
but  NOW  ALL  ROASTED  TO ASHES  (  DEAD  RAT )  :D :giggle:

##  Better for  him to PUNT CHEAP WARRANTS  EASILY  to GET  30 %  IN A  DAY  ...
EVEN a jackpot  of  100 %  - 200 % in a day 

##....yessss  hmmm  the rule of thumb is the cheaper the warrantss  >> the higher the %  gain !

Korrect, onli keldai people play quick poor corn scheme.



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Re: Scams
« Reply #210 on: June 12, 2017, 03:39:01 PM »
Play chip warrants / stocks .... the safe n esee way to make big angpow$$$ !  :thumbsup: :cash: :cash:

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Re: Scams
« Reply #211 on: June 12, 2017, 05:32:29 PM »
Korrect, onli keldai people play quick poor corn scheme.


OK  in this QUICK POOR :giggle: :rofl:  SCHEME....

some one  said  he put RM 4,200 ( USD 1,000 )  and  earn RM 1,260  in 2 months....

so it's  ( 1,260 /  4,200  )  x 100 = 30 %  in a long 2 months  ( 60 days )

# cehhhh......nothing to shout  with 30 % gain  taking  60 days....aiyooo... ;).
but  NOW  ALL  ROASTED  TO ASHES  (  DEAD  RAT )  :D :giggle:

##  Better for  him to PUNT CHEAP WARRANTS  EASILY  to GET  30 %  IN A  DAY  ...
EVEN a jackpot  of  100 %  - 200 % in a day 

##....yessss  hmmm  the rule of thumb is the cheaper the warrantss  >> the higher the %  gain !
[/quote]

Pliss  Take note  OLY  , injured kid @ Olient   about that scam.... :giggle: :rofl:...

OLY's  speciality  >> 

OLY's  This month and next month food budget.



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Re: Scams
« Reply #212 on: June 12, 2017, 07:24:11 PM »
GEORGE TOWN: Another money game operator could be in dire straits as a result of heavy losses in forex trading.
 
A loyal supporter, who wanted to be known only as Jack, said the Penang-based company took a bad hit after the pound dived following the shocking British election results on Friday.

“Two of our top fund managers suffered about 95% losses this week to the tune of several hundred million ringgit. This is a huge blow to the company,” he said yesterday.

Although his upline had told him to wait for further announcements from the company, Jack was not convinced the mess could be sorted out that easily.

“Things sure don’t look good. I have about RM50,000 in the scheme since two years ago,” he said.

The company, which was started in 2012, has the largest base in Malaysia at 55%, followed by China at 19%.

Other depositors come from countries like Indonesia, the Philippines, Singapore, Cambodia, Australia, Hong Kong and Brunei.

The minimum investment is US$100 (RM420) with the promise of a passive monthly return of between 10% and 30%. Members can earn a 5% referral commission on funds invested by their recruits, opt for pips rebate or profit sharing.

A 51-year-old businesswoman from Tanjong Bungah said she invested about RM220,000 in the scheme last year.

“I started with RM50,000 last January and topped up the amount gradually,” she said.

Early this year, the company announced on its website that it was in partnership with English Premier League club, West Bromwich Albion FC, she said.

“It has been around for five years and was doing so well before this.

“Many people, including a lot of my friends, will get burnt if the company goes bust,” she said.

This is a potential fourth setback in money game schemes for her after JJPTR, Richway Global Venture and CYL collapsed one by one.

“The companies collapsed in just less than two months. It’s like a chain reaction,” she said.

Self-employed S.G. Tan, 36, said he is keeping his fingers crossed that everything would be fine.

He first invested US$1,000 (RM4,200) in January, and earned US$300 (RM1,260) by March.

It was then that he topped up another US$1,000.

“The scheme looks convincing. We can even set our limit of investment losses by percentage.

“For example, if your investment is RM4,200 and you set 30% as the limit, then the most you stand to lose is only RM1,260.

“And the fund managers did really well, until recently when the losses came up to about 90%.

“I just hope we do not have to bear the losses.

“Just pay us the balance based on the limit of losses that we set,” he said.
:'(

It’s better to buy a wonderful company at fair price than a fair company at wonderful price.

1.  Understand the business
2.  Business must have DCA
3.  Management with integrity
4.  Buy at a sensible price

Big Fat Pitch.  Focus Investing.  Long term portfolio for capital appreciation and income.

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Re: Scams
« Reply #213 on: June 12, 2017, 08:57:05 PM »
:'(

3i cry for the keldai people whose hard earn moni was kena corn by the cornman.

We all pray 3i cry will be be wasted n the keldai people will wake up to realise their keldai corn investment.

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Re: Scams
« Reply #214 on: June 15, 2017, 02:21:33 PM »
In April 2012, the United States Federal Bureau of Investigation published a report citing fears that bitcoins may be used by cybercriminals in illicit activities. The report, “Bitcoin Virtual Currency: Unique Features Present Distinct Challenges For Deterring Illicit Activity”, is available online.

In Europe, the European Banking Authority (EBA) issued a statement in 2013 warning the general public of risks in using virtual currency. In July 2014, the EBA advised financial institutions to stay away (not to buy, hold or sell digital currencies) until the law is in place. In January 2014, the National Bank of Belgium issued a warning that digital currencies are not issued by any central authority and, as such, bitcoin users face the risk of volatility, fraud and business non-acceptance

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Re: Scams
« Reply #215 on: June 15, 2017, 02:23:45 PM »
3i cry for the keldai people whose hard earn moni was kena corn by the cornman.

We all pray 3i cry will not be wasted n the keldai people will wake up to realise their keldai corn investment.

correction above

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Re: Scams
« Reply #216 on: June 17, 2017, 10:56:07 AM »
Opinion: Stay away from bitcoin — it’s complete garbage

http://www.marketwatch.com/story/stay-away-from-bitcoin-its-complete-garbage-2017-06-15

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Re: Scams
« Reply #217 on: June 20, 2017, 03:05:18 PM »
GEORGE TOWN: A bank account holding RM27mil has been frozen following raids on MBI Group International.

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Re: Scams
« Reply #218 on: June 20, 2017, 05:20:42 PM »
KUALA LUMPUR: Conmen are using Datuk Seri Michael Chong's name to add credibility to their claims.

The MCA public services and complaints bureau chief said that this has become a common tactic employed by scammers.

"The latest was on Monday when a 54-year-old secretary was almost fooled by a conman.He pretended to be a licensed moneylender and offered to loan her RM13,000 but only if she paid RM1,000 in legal fees," he told a press conference at Wisma MCA here Tuesday.

When the woman refused, the conman told her that Chong was on the board of directors of the money lending company.

"Luckily she was smart enough to call my office to confirm and did not send the money to him," he said.

Chong said such scams are becoming a trend when conmen pretend to be money lenders.

"They would say that they can approve any amount easily but there would be legal fees or administration fees that need to be paid beforehand. The victims will be asked to pay such fees without ever seeing the loan amount being banked in, similar to a Macau scam," he said.

He added that those who refuse to pay will be harassed and threatened.

Chong advised the public to be cautious of moneylenders who asked for payment even before the loan has been approved.

"My office has handled 15 such cases last year and five more this year," he said.

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Re: Scams
« Reply #219 on: June 21, 2017, 10:51:19 AM »
GEORGE TOWN: The founder of the MBI Group, operating a pyramid investment scheme, was arrested in an operation coordinated by the Attorney-General’s Chambers (AGC) early yesterday.

Domestic Trade, Co-operatives and Consumerism (KPDNKK) enforcement director Mohd Roslan Mahayudin told a press conference today that the man, in his 50s, had been remanded for four days from yesterday.

He will be investigated under the anti-money laundering law.

Roslan said during a raid at the founder’s luxury house at Taman MBI Desaku in Kulim, Kedah, three luxury cars worth RM1.55 million were seized.

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Re: Scams
« Reply #220 on: June 22, 2017, 09:28:45 PM »
KUALA LUMPUR (June 22): Fourteen companies were added to Bank Negara Malaysia's (BNM) watch list on companies and websites that are neither authorised nor approved under the relevant laws and regulations administered by the central
bank. This brings the total number to 316 companies on the Financial Consumer Alert
list.

In a statement today, BNM said the list is not exhaustive and only serves as a guide to members of the public based on information and queries received by it.

The 14 companies added to the alert list are Ahmad Zulkhairi Associates PLT, Ethtrade Ltd, Ethtrade Malaysia, Kilauan Padu Services Sdn Bhd, O2 Only One, OG1 Asean, Only One International Sdn Bhd, Proficiency Management and Services,
Smart Trade Entrepreneur, Smart Trade Resources Sdn Bhd, TF International Group, TF International Group (MY), TF International W1212 KL Team and ZEMC Sdn Bhd.

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Re: Scams
« Reply #221 on: June 22, 2017, 09:38:58 PM »
ANOTHER money game operator with billions of ringgit of investments, Maxim Trader, has gone bust, the Sun Daily reports.

A company insider said that more than 90% of its funds were gone and that Maxim was declared defunct two years, after launching its scheme in 2013.

Maxim Trader, red-flagged by Bank Negara, had more than 50,000 investors. It is said to have amassed more than RM20 billion since its inception in 2013. – June 22, 2017.

Maxim Trader's investors ... bunyak kaya oh  :D :D :D

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Re: Scams
« Reply #222 on: June 30, 2017, 09:30:34 AM »
KUALA LUMPUR: Bank Negara Malaysia (BNM) has added another 14 companies and websites under its Financial Consumer Alert list which are  neither authorised nor approved under the relevant laws and regulations.

 The central bank said on Thursday the latest number increased the list to 334 companies as it stepped up its surveillance of the companies and websites which are allegedly operating money games and pyramid schemes.

“Please take note that the list is not exhaustive and only serves as a guide to members of the public based on information and queries received by BNM,” it said.

 The companies which were added to the list were:

 1. CYL Asia Enterprise

 2. CYL Peoria Enterprise

 3. CYL Prospect Trading

 4. CYL4U Resources

 5. JJ Commerce Trading (SA0399365P)

 6. JJ Online Enterprise (SA0399360K)

 7. L & L Property Ventures SB (1186992T)

 8. Mama Captain International

 9. Nahana Global Resources (00211411-M)

 10. New Gen Food Sdn Bhd (1186962X)

 11. NGR Asia Group Sdn Bhd ( 1138129-M)

 12. NGR Global Sdn Bhd (UT0004411-H)

 13. Relax Green Enterprise (PG0415537X)

 14. Richway Green Venture (PG0406414M)

Among “popular” financial schemes that have been red-flagged by the central bank this year were JJ Global Network, JJ Poor To Rich, JJPTR, MBI International Sdn Bhd and Mface International Sdn Bhd.

For the list of unapproved and unauthorised companies and websites, click here to go to the BNM website: http://bit.ly/2sU7rP8

Read more at http://www.thestar.com.my/business/business-news/2017/06/29/bank-negara-flags-another-14-unapproved-firms-websites/#lmGcRuVim3FjIg0b.99

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Re: Scams
« Reply #223 on: August 04, 2017, 11:40:17 AM »
KUALA LUMPUR: Police have arrested three people in connection with a foreign exchange investment scam resulting in RM37mil in losses.

A Datuk Seri, who is the founder of an organisation allegedly involved in the scam, was among those arrested.

When contacted, Federal CCID director Comm Datuk Acryl Sani Abdullah Sani said the suspects had lured victims with the promise of attaining 10% return on their investment every week for four years.

“Police have received 114 reports about the organisation between February 2016 and July this year,” he said.

He said the organisation would recruit investors via its website www.mgcforex.com and investors would later deposit their funds into a bank account registered to MGC Capital Sdn Bhd.

“The organisation is believed to have started operating around June 2014 but there were no complaints from the investors until August 2015 when they stopped receiving dividends on their investments,” Comm Acryl said.

Those arrested are now waiting to be remanded to aid with investigations pertaining to a police report lodged at the Dang Wangi police station.

Inspector-General of Police Tan Sri Khalid Abu Bakar congratulated Bukit Aman’s commercial crimes investigation unit for its success in arresting the suspects in Maran, Pahang, and Kota Baru, Kelantan.

“Congratulations Bukit Aman Commercial Crimes Investigation Division @PDRM for arresting three people in Maran Phg and K Baru involved in the MGC Capital Forex Investment,” he tweeted.

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Re: Scams
« Reply #224 on: August 09, 2017, 09:17:32 AM »
ALAM: Selangor police detained two businessmen with the honorific “Datuk Seri” and “Datuk” titles in Kuala Lumpur last Thursday for allegedly masterminding the Bookcoin get-rich-quick scheme which resulted in losses to victims amounting to RM2.1 million.

State police chief Mazlan Mansor said the suspects, in their 40s, were picked up about 11am during a raid on two luxury houses in the vicinity of Desa Park City, Kuala Lumpur.

According to him, the arrests were the result of four police reports lodged earlier this month in relation with the investment scheme which had been active since mid-2016.

“Police investigations revealed that victims were duped into investing in the Bookcoin scheme after they were guaranteed returns of 1% per day and up to 30% per month from the amount invested.

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Re: Scams
« Reply #225 on: August 09, 2017, 09:25:41 AM »
ALAM: Selangor police detained two businessmen with the honorific “Datuk Seri” and “Datuk” titles in Kuala Lumpur last Thursday for allegedly masterminding the Bookcoin get-rich-quick scheme which resulted in losses to victims amounting to RM2.1 million.

State police chief Mazlan Mansor said the suspects, in their 40s, were picked up about 11am during a raid on two luxury houses in the vicinity of Desa Park City, Kuala Lumpur.

According to him, the arrests were the result of four police reports lodged earlier this month in relation with the investment scheme which had been active since mid-2016.

“Police investigations revealed that victims were duped into investing in the Bookcoin scheme after they were guaranteed returns of 1% per day and up to 30% per month from the amount invested.

'DATUK  SERI +  DATUK   - only in this  Bolehland  , check the Guinness  world record  ? :thumbsup:


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Re: Scams
« Reply #226 on: August 09, 2017, 09:18:21 PM »
Another get-rich-quick scheme syndicate, led by a man with a Datuk Seri title and caused losses of about RM40 million to hundreds of investors, was crippled by police on Tuesday.

Police arrested three people, including the Datuk Seri, in Maran, Pahang and Kota Baru.

The scheme known as MGCfx which was run by MGC Capital Sn Bhd had offered its investors 10% returns weekly for their investments for over a period of four years through foreign exchange trading.

However, after it began its operations in June 2014, it went bust in August the following year when it failed to make payments to its investors.

Federal police Commercial Crimes Investigations Department (CCID) director Datuk Acryl Sani Abdullah Sani said today that since Feb last year, police had received 114 reports from investors involving losses close to RM40 million.

He said the victims had registered as investors through the company's website and deposited their investments into its bank account.

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Re: Scams
« Reply #227 on: August 25, 2017, 11:31:29 AM »
PETALING JAYA: Money game company Maxim Trader which amassed billions of ringgit from its so-called investment scheme launched four years ago, is believed to have gone bust.

This leaves grave consequences for thousands of its investors who have waited more than two years to recover their money.

A company insider, who is familiar with its financial standing and administration, revealed this to theSun and said over 90% of its funds were gone and the company was declared defunct exactly two years after it launched the scheme in 2013.

Apart from paying out returns to a few investors, insiders claim that most of the funds were lost to marketing costs and seizures by the authorities of several countries.

"Tens of million in funds were frozen by the authorities of Taiwan, Korea, Japan and parts of China when they began a probe into the company following complaints from investors.

"The funds were parked in these countries. Then more funds were lost to grand marketing exercises and roadshows to promote the scheme here and overseas," the insider said.

He said as Maxim Trader was a company registered in the Seychelles, it would be a long-shot attempting to recover their money via legal means from what is left in the company.

"The wisest move the investors can make is to seek those who introduced the scheme to them - the recruitment agents - and demand for their money through legal means.

"These upline agents made a lot of money and became millionaires by recruiting investors. Perhaps they can recover part of their investments if they sue agents for misleading them. Then, there are also assets such as a large tract of land in Genting Highlands acquired by Maxim Trader. To whom will these assets go since the company has gone bust?"

Businessman Abdul Rahman Abdullah, 65, who invested RM360,000, said he recently met a former senior official of the scheme's administration who confirmed that Maxim Trader was a defunct company but there were plans to revive it.

"I was told that the most recent plan is to public-list a company in the China stock market and shares will be given to investors. It is another so-called plan like all the others in the past and I am not buying it this time. I have had it with them and want a full refund. They made me an offer of a partial refund but I want my money in full.

"I will soon embark on a 'roadshow' to meet all affected investors in all the countries Maxim Trader had ventured into to seek justice. We will work towards recovering our funds by all means" he said.

Alan Tan, an accountant who invested more than RM1.5 million in the scheme, told theSun that he intends to join Abdul Rahman on the roadshow.

Although several investors have made reports with the police and Bank Negara, it is yet to yield any full-scale probe by the authorities on Maxim Trader.

Maxim Trader, which was red-flagged by Bank Negara, had more than 50,000 investors.

It is said to have amassed more than RM20 billion in funds since its inception in 2013.

Three Malaysians, a datuk seri and two datuks aged between 30 and 60, were said to be the founders of the company while several foreigners were appointed to top positions as heads of finance, trading and communications.

Maxim Trader players ... super kaya lah  :cash: :cash: :cash: :cash:

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Re: Scams
« Reply #228 on: August 28, 2017, 05:41:18 PM »
Woman loses RM3.5mil in elaborate love scam

SINGAPORE: She travelled to Malaysia about 10 times in four months with cash in tow, in the hope of freeing a "close friend" she believed to have been detained there on money laundering suspicions.

Grace (not her real name) spent S$1.1mil (RM3.5mil) on "certificates", supposedly issued by the United Nations to prove the innocence of her friend - a 52-year-old Canadian businessman called Lee.

But the amount she spent was not enough to prevent him from being "deported".

The businesswoman, 45, realised she would not get her money back when the online banking website that Lee referred her to as proof of his finances could no longer be accessed after the scam was completed - it was a fake webpage.

Grace reported the incident to the police in June, about nine months after first meeting Lee.

Her case is among 349 love scams reported in the first half of this year. This is up from 277 in the same period last year, according to mid-year crime statistics from the police.

Speaking to reporters over the phone, Grace - a divorcee who has children - said that she got to know Lee around September last year, through another friend.

They grew close over Facebook and eventually met multiple times over meals and drinks.

Lee claimed he had plans to migrate to Singapore and wanted to find out how she, a Singapore permanent resident, came to live here for more than a decade.

It was close to half a year later that money came into the picture.

One night early this year, Lee called, saying that he needed help at a Malaysian airport. He said he had been found carrying close to US$2mil (RM8.4mil) in cash - which he said he had planned to use to buy a home in Singapore.

"He handed over the phone to a Customs officer... Customs said they had to hold him because he was carrying so much money, and he was not supposed to," said Grace. "(Lee) asked for help from Canada, and his friend got someone from the UN to help him."

She was later introduced to a "UN worker", who told her the Malaysian Customs wanted US$250,000 (RM1.06mil) in exchange for Lee's release.

Grace was reluctant to provide the money, but the man asked her to try and raise funds, and to make a trip to a Kuala Lumpur airport.

When she flew there in February, the supposed UN worker took her to a building with a conference room and showed her the luggage Lee was supposedly caught with. It was filled with wads of US$100 bills, wrapped in plastic.

"It was real money," said Grace, who said she was allowed to examine a few of the notes. "From there, I believed that this case was a serious one. From there, I felt that he really needed my help."

She was later told that Lee needed two certificates issued by the UN to prove he was not money laundering, and to declare that he was carrying real money.

To pay for the certificates, Lee, who contacted Grace daily with the help of the supposed UN worker, gave her what he claimed were his Canadian bank details, and told her to log in to his account to help him make payments using his funds.

She could not withdraw the money from his account, although she could transfer funds to a shipping company when he "had to pay" the company for separate reasons.

Deciding to help, she travelled to Johor Baru and Kuala Lumpur every few weeks with cash. The money was handed over to the "UN worker" for the certificates that would purportedly prove Lee's innocence.

This went on until around May, with the supposed UN worker calling her "day and night" at one point. One day, she was told Lee was due to be deported to Canada unless she coughed up another US $150,000.

"I said I have no more money... I cannot help any more," said Grace.

After Lee was "deported", she realised the online banking site she had been given was a duplicate of a real bank in Canada, and that the domain name had been purchased only in January.

"My family didn't know about this. They knew only after I lodged a police report," she said. She did not try contacting Lee or his accomplice after the incident.

Besides such love scams, there were more e-mail impersonation scams reported in the first half of this year as well.

In one case in March, staff of a shipping company received a fake e-mail from an account similar to that of its Croatian managing firm. The e-mail asked for US$1.4 million to be diverted to a bank in a different country.

They made a police report.

It was not the first time the firm encountered such an impersonation attempt, its managing director, who declined to be named, told The Straits Times over the phone.

In 2015, staff transferred $280,000 after being misled over e-mail as well, and it was only more than a year later that the company recovered the money.

"The scammers act in exactly the same way, with the same wording and same greeting, as the real person they are impersonating," said the managing director, adding that his company has put in place policies and measures to reduce the risk of being cheated. - The Straits Times/Asia News Network

Read more at http://www.thestar.com.my/news/nation/2017/08/28/woman-loses-rm3_5mil-in-elaborate-love-scam/#umiTaKVZx0r0izIb.99
You can't control the market, but you can control the decisions you make about the money that you have.

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Re: Scams
« Reply #229 on: October 06, 2017, 05:13:15 PM »
KUALA LUMPUR: An estimated RM4.4 billion in losses had been uncovered by police involving 24 investment scheme between July 2013 and September this year.


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Re: Scams
« Reply #230 on: November 07, 2017, 08:57:26 PM »
Public warned about tax refund scam syndicate.

KUALA LUMPUR: Members of the public who receive e-mails instructing them to click a link to get their overdue tax refund should be wary as there is a syndicate prowling for victims with this tactic. The Inland Revenue Board (IRB) in a statement said it had detected the syndicate scamming victims by sending e-mails to unsuspecting people, using the board’s Chief Executive Officer and board directors’ names.

The e-mail, which uses IRB’s official logo and banking institutions’ logos, convinced members of the public that they could claim the overdue tax refunds. The e-mail read: “Our records show that you have an overdue tax refund. Kindly click on the link below and follow the instructions to receive your refund.” The link in the e-mail would then direct the recipients to another page, where the potential victims have to fill up their banking details to allow the supposed tax refunds to be banked in by IRB.

 “It should be noted that IRB has not sent any e-mails asking for taxpayers to disclose their banking details. This is because the (taxpayers’) banking details would be obtained through a declaration by the taxpayer when they complete the Income Tax Return Form yearly. “Also, successfully processed overdue tax refunds would be credited by IRB to the taxpayers’ bank accounts using Electronic Fund Transfer, overdue tax voucher, cheque or telegraphic transfer (for those who are overseas),” the statement read. An IRB spokesman when contacted said as of 5pm today, a total of 65 reports were lodged with the board by people who had received the e-mail. “However they were not duped into the scam as they had verified with IRB before proceeding,” he said. IRB believed there are more people who have been receiving the e-mail but have yet to verify with the board.

The public are advised to verify the content of the e-mail before following the instructions. The easiest way to verify is to check the e-mail’s domain.

Every official e-mail from IRB would use the domain @hasil.gov.my. Among the domain detected includes @vanderbit.edu and @vumc.org. Public could also call the IRB’s careline at 1-800-88-5436 to verify. Those who have fallen victims should lodge a police report. © New Straits Times Press (M) Bhd

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Re: Scams
« Reply #231 on: November 26, 2017, 09:13:42 PM »
KUALA LUMPUR: More than 500,000 people have become victims to illegal investment scams in the country since 2015, said Finance Minister II Datuk Seri Johari Ghani.

He said this could be attributed to poor financial literacy among the victims.

He said victims were mostly attracted to offers of high investment returns by scammers.


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Re: Scams
« Reply #232 on: February 14, 2018, 09:20:25 PM »
KUALA LUMPUR: Three Datuks were arrested in a series of raids in the city on Feb 10 for their suspected involvement in a foreign exchange scam which is believed to have raked in RM1 billion.

Federal Commercial Crime Department director Datuk Seri Amar Singh said the suspects, aged between 35 and 49, were arrested after police received a staggering 116 reports concerning losses totalling RM6.2 million from the syndicate’s activities nationwide.

“We seized 13 luxury cars, three superbikes, 10 gold pieces weighing 100 grammes each, luxury watches and handbags, as well as numerous documents.

“We received 116 reports on the financial losses between October 2016 to February this year. A total of 30 investigation papers were opened.

“However, we estimate that there are around 70,000 scam victims who incurred losses of around RM1 billion,” he told a press conference at Bukit Aman today.

He said the authorities have frozen 38 bank accounts belonging to 17 individuals, believed to have ties to the syndicate. The accounts contained RM624,000.

“We also froze assets in the form of a RM5 million bungalow as well as a Ferrari estimated to be worth RM1.5 million.

“In total, the assets seized are estimated to be worth RM10.5 million,” he said.

Amar said the syndicate, which had been active since 2013, lured potential victims by promoting their investment scheme online, offering monthly returns of 12 per cent.

“The syndicate would organise seminars in hotels where they would then convince people to invest their money in a foreign exchange scheme.

“The syndicate would also use a company that is registered with the Companies Commission of Malaysia, and promote their senior management who would comprise Datuks,” he said.

He said all the suspects were detained under the Prevention of Crime Act (POCA) 1959. The case is being investigated under Section 420 of the Penal Code and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLA) 2001.

Amar said police are now hunting down a husband and wife pair, whom he described as being the syndicate’s masterminds.

“We are looking for Datuk Pandeyan Maruthamuthu, 55, and his wife Datin Gouri C. Faskuny, 56, who were believed to have fled to a neighbouring country on Sunday just as the raids were conducted.

“Members of the public who have information on the suspects can contact the nearest police station,” he said.

Amar also advised members of the public not to be duped by investments schemes which offer lucrative returns in a short span of time.