They claim the relevant authorities are still unable to stamp out these scams, despite many of them having been debunked but not before they have swindled thousands of millions of ringgit.
“There have been many reports against companies that run crooked investment activities.
“Yet, till today, none have been charged or punished appropriately,” Segambut MP Lim Lip Eng told a press conference today.
According to Lim, despite several arrests of individuals accused of running ponzi schemes, such as MBI Group International and JJPTR, many other companies are still actively continuing their scams.
Elaborating on Lim’s statement, Selangor DAP leader Ronnie Liu claimed those who were arrested had no further action taken against them and some were even released on bail.
“This apparently lenient treatment motivates them to continue their cheating activities,” he said.
Lim also said companies running ponzi schemes were getting more creative in promoting their scams.
According to him, another investment scam was exposed today that used mobile apps which promoted a cash payback programme.
Lim claimed the company behind the scam had victimised over 150 Malaysians by promoting an online shopping membership programme which promised eligible members more than 20% cash return.
He said a China Press report in April revealed that this company was not licensed to conduct any direct selling business.
Present at the press conference was one of the victims, 28-year-old car service employee, Moo Swee King.
Moo said that in May this year, he and some friends were persuaded to join the scheme after they were attracted by the perks offered and the unique business model.
“They used mobile apps unlike conventional investment schemes.
“We were convinced it was not a scam,” he said.
He claimed that after three months of investing more than RM1,000, they were not given the 20% cash returns from the online shopping membership programme as promised.
The company’s scheme promises shoppers a 20% money payback for their shopping and travelling if they meet set conditions. The cash payback is based on their selected top 10 retail outlets.
The company was founded in 2015, and advertised itself as owned and operated by several corporate teams comprising experienced network marketing veterans.