Malaysian International Humanitarian Organisation secretary-general Hishamuddin Hashim, representing the alleged victims, claimed this had been going on since 2021.

He said many of the members allegedly paid tens of thousands of ringgit each to register as members and pay for capital shares and special savings.

“They were attracted to sign up when offered high dividends of up to 18% a year.

“The cooperative also offered them a gold booking scheme through a subsidiary and victims were promised 1-3% profit on the invested amount monthly, with bookings renewable every month,” he said at a press conference.

The members claimed the cooperative failed to pay them their profits and gave various implausible excuses, leading them to lodge police reports that were then referred to the Companies Commission of Malaysia (SSM).

“We want to ask the police to consider opening an investigation paper under Section 420 of the Penal Code (for cheating) and collaborate with the SSM to investigate this case so that action can be taken against the related parties,” he said.

Separately, Kuantan police chief Wan Zahari Wan Busu said they would review all the reports lodged before any further action is taken.