Kota Kinabalu: Ninety four people who suffered losses of more than US$12 million (about RM37 million) have lodged a police report against a company involved in currency trading.Commissioner of Police Datuk Hamza Taib confirmed that the report was received on Monday and that it has been forwarded to Bank Negara for further investigation.
"Police believe this company is operating under the pyramid networking scheme," he said, while urging the people not to invest in such scheme unless licensed by Bank Negara.
Lawyer Terrence Lee Ket Vui lodged the report at the Karamunsing police station on behalf of the 94, who claimed they were cheated in the investment scheme operated by the company which has an office at Karamunsing Capital as well as Keningau and is managed by a 33-year-old local.
The victims said they were told by the man that they could get high returns with their investments and could withdraw anytime.
The investors were each given a "password" to access the company's website as the platform to invest or monitor their investments.
However, from October to December last year, the investors found the company's website had been changed without any notice and that withdrawals could not be made anymore.
The investors were then told that they must wait for three months for the approval of their withdrawals and give the reason as well for any withdrawal.
The investors were directed in the earlier stage that the money for their investment be remitted to the company in Hong Kong but later told to remit to another. Both had the same address in HK.
But some were told to remit their money to a company in New Zealand or three others through two local banks.
The investors were told after the tsunami in Japan on March 11, that they have lost all their investments in the currency exchange market following the tragedy. This was despite the investors having requested for withdrawal of their investments last year.
The investors believe the tsunami was just a convenient excuse to rip them off, as the company could not produce the "Certificate of Trading" to show that it had invested on their behalf.
The investors have also submitted to the police all the acknowledgement forms, statements of accounts, account ledgers and copies of request for withdrawal, among others.
