Bernama reported Malaysia International Humanitarian Organisation (MHO) secretary-general Hishamuddin Hashim as saying the company offered high dividends of 3.1%-3.3% a month.

He said it used corporate personalities to convince people to purchase Islamic redeemable shares.

Hishamuddin said his organisation had received more than 330 complaints from victims.

“The company would convince investors by claiming that it is registered as a limited corporation with the Securities Commission Malaysia (SC).

“MHO understands the company has managed to trick more than 700 investors,” he said at a press conference after lodging a police report with 100 victims against the company at the Sentul police headquarters here today.

Hishamuddin urged the authorities to take quick action against the company.

He said a complaint will also be lodged with the Companies Commission of Malaysia (SSM) and the SC.

Pensioner Harun Yunos, 63, said he invested in the company after his friend told him about the scheme. He said he lost RM500,000.

“My wife and I started investing in the company in October 2021 and began receiving dividends in January 2022.

“However, in May 2022, the dividend payments were stopped because the company said it wanted to buy back its shares and they would return our investment money.

“But until now our investment has not been returned,” he said.

A primary school teacher in Kuala Lumpur, Zakirah Yaacob, 31, said she decided to invest in the company because it featured prominent banking figures.

“I am usually very careful and am not easily convinced in matters like this. In fact, the police would come to the school where I teach to give awareness talks on scammers.

“But I became confident enough to invest when the company featured famous figures. I have lost RM50,000,” she added.