“We hope the police will look into this matter immediately. We believe nothing has been done so far,” said the group’s representative Mahendran Ponnudurai at a press conference.

Last March, it was reported that the victims had suffered losses of more than RM22.6 million over several years after having invested in an agarwood plantation project involving a local company.

A group of 60 to 70 victims lodged a police report against the company in 2020 but the case was later classified by the police as no further action (NFA).

Mahendran said that sometime in March this year, a court order was obtained for the police to reopen the case for investigation under Section 420 of the Penal Code.

He added that the police had informed him that they were waiting for an individual to return from overseas to provide statements.

When asked about the modus operandi of the company, Mahendran said it would lure investors to purchase agarwood trees in Thailand for the production of oud oil.

He said that upon signing the contract, investors were given free air tickets to visit the plantations and laboratories in Thailand and were also promised annual reports on the project over the course of seven years.

However, no reports ever came and when queried, the company told the victims that many trees were destroyed due to bad weather conditions.

One victim who only gave her first name, Stephanie, said she invested almost RM400,000 of her hard-earned money into the project in 2011.

“I am beyond disappointed. I am surprised that the police are not doing anything about it,” she told FMT.

Another victim who did not wish to be identified said what the company did was “unforgivable” as many investors were senior citizens and had used up their life’s savings to invest in the agarwood plantation project with the hope of getting high returns.

“I hope the regulators will also take action. The company has acted unconscionably,” he said.