The woman, identified only as Suzy, 53, said she started investing with the company in 2020 with a total of S$1.3 million deposited into two local bank accounts belonging to the firm.

According to the Singapore-based woman, she only received dividends of about 20% per annum in 2021 and 2022.

Last year, the company provided various excuses when she inquired about her dividends.

“When I asked about this year’s dividend, the company claimed its licence had been suspended by the government.

“Until now, I have not been able to withdraw the money deposited into the company’s account,” she told reporters after filing a report at the Dang Wangi police headquarters today.

Also present was Malaysia International Humanitarian Organisation secretary-general Hishamuddin Hashim.

Hishamuddin said they had received 69 complaints from alleged victims of this company from Singapore, Indonesia and Brunei, with total losses amounting to RM40 million.

He said the company operated under a financial broker licence registered in Labuan and employed marketing agencies to attract potential investors.

Hishamuddin claimed the company had deceived more than 500 locals, leading to losses estimated at RM100 million.

According to Hishamuddin, police have opened investigation papers in 90% of the cases, involving local victims, under Section 420 of the Penal Code for cheating.

He said there was an element of cross-border crime in the case. He called on the authorities to take action against the company and those responsible since they are registered in the country and have local bank accounts.

Hishamuddin said the authorities must take the police report seriously to protect the country’s reputation and prevent it from being perceived as a fraud hub.