The on-going media reports about the illegal deposit-taking activities of a company in Perak slated to be the country’s largest gold invest scheme raises serious issues affecting the security of the rakyat’s hard earned money.
In the Bestino case, some over 6,700 citizens are demanding their monies totalling RM411 million to be refunded. Now, that is an awesome sum that has now been classified as “illegal” following four directors of the company being charged last year for illegal deposit taking activities.
On the same token, what is government doing about the notorious pyramid scam operators in the country?
Do something about pyramid-scheme operators
There is one that comes to mind that is noted for selling purported “Gold Coins”. Millions of Malaysians have been involved in this company’s business of pyramid marketing. Operating from a Hong Kong headquarters, this company has gone on to get into all kinds of diversified businesses including buying up entire building blocks in Petaling Jaya and setting up an educational institution in Perak.
It appears like the fables of getting rich from ill-gotten wealth or if you like, making legal businesses from illegal gains.
Stop it, BN government told
The chief architect of the pyramid scam business - a Malaysian, who operates on the global arena has even been bestowed with a “Datukship”.
The company at one time parading on-line under the name of “Gold Coin" and "Gold Quest” and “Quest International” has also been plagued with all kinds of law suits and adverse publicity in other countries for its illegal activities.
Perhaps political party big wigs, including and concerned NGOs should dig up the status of pyramid scheme operators in the country so that citizens are forewarned and the BN-led government can be appropriately advised to take action or account for any oversight.
Having a RM411 million deposit-taking Bestino company to operate so far is already shocking enough for over 6,000 citizens. If other nations and governments can keep such illicit and pyramid operators safe from their citizens there is no reason why the Malaysian BN-led government cannot do the same.
Let us put a stop to all these dubious scams in Malaysia. The government has a moral obligation to ensure that it polices the business landscape and nips all such destructive schemes and scams while the rakyat remain vigilant and appropriately advised.
Malaysia Chronicle
So how is it enforced? For example, WorldVentures is currently actively promoting and selling it's "holiday club" scam in Malaysia causing severe hardship to those at the bottom of the pyramid and damage to family relationships. How did they get a licence? Who can stop this and how?
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