Like its predecessors, likely being nothing more than a ponzi-style scheme, the new forex investment scheme launched by a company called CG International in Penang on March 6, is now said to have collapsed even before most of its investors could get a single sen of the monthly 22% returns that was promised.
Penang police have also confirmed that two reports were filed by investors of the scheme, one of whom claimed that she had invested RM4,700 in the scheme on April 25 after being invited to join via the WeChat mobile messaging platform.
In her report, the woman, who is a factory worker, said she was removed from the WeChat group for investors on May 10, which was when she decided to take action.
Another woman told the daily that she too was removed from the WeChat group after she had called to enquire about the status of her investment.
“I received an apology message from the management, claiming that the company’s investment plan could not get approval and had to stop operating in Malaysia.
“When I wanted to check if I could get back my money, the group admin removed me from the group,” the woman was quoted as saying by The Star.
She claimed that many other investors of the scheme also did not get a single sen from their investment.
The requirement under the investment scheme as per the documentation provided during its launch, was for investors to choose from different investment packages, ranging from US$50 to US$3,000 at an exchange rate of RM4.70 to US$1. However, they could withdraw their capital at the rate of RM4.20 to US$1.