Their lawyer, Sachpreetraj Singh Sohanpal, said the group is seeking assistance from the police and Bank Negara Malaysia to release part of Goh’s frozen assets, worth RM118.7 million, to satisfy the court’s order.
“Now that they have obtained judgment in their favour, the next hurdle is recovering the money,” he told FMT after a briefing with the investors today.
He said the investors are appealing to the authorities to release at least RM8 million from the frozen assets, which were seized about two years ago.
“At the very least, the frozen assets should be returned to the investors,” Sachpreetraj said, noting that part of the seized sums could be used to fulfil the court judgment.
“But until now, we don’t even know the outcome of the investigation.
“The police haven’t informed us whether their investigation papers are complete, what their findings are, or whether they’ve been submitted to the Attorney-General’s Chambers,” he added.
In November 2023, a joint enforcement operation was launched against i-Serve Online Mall Sdn Bhd and related entities, leading to the freezing of 45 bank accounts across seven banks and the seizure of RM118.7 million in cash.
The Kuala Lumpur High Court, in its September judgment, found Goh and four companies liable for fraud and ordered repayment to the 15 plaintiffs.
The suit, filed two years ago, alleged that the companies defaulted on monthly payments between November 2021 and June 2022 despite multiple letters of demand.
Sachpreetraj said another 83 investors have filed a separate suit against Goh, claiming collective losses of about RM40 million.
He added that recovery efforts would be difficult without intervention as many of the companies involved have since been wound up, become dormant or closed their premises.
One of the investors, A Prema, said the court victory would mean little without restitution.
“Although the court has ruled in our favour, we still have to initiate bankruptcy proceedings against Goh and apply for seizure orders on his remaining assets,” she told FMT.
“Each of these steps requires considerable time, effort and legal costs. Most of us have lost our life savings and some have had to return to work after retirement.
“This is a hollow victory until our money is returned.”
The investors have also launched an online signature campaign urging the authorities to act swiftly and charge Goh for fraud, following the High Court’s finding that he was liable for fraudulent conduct.