Over 100 lose RM6 million in Penang scam

They were promised investment returns of up to 40% per month by the company led by a 25-year-old man.

GEORGE TOWN: A total of 107 people have claimed to have lost RM6 million to a company here after investing in a scheme offering high returns.

A representative of the group, Justin Tay Ooi Hong, said the scheme had started about a year ago and none of the investors had received their returns as promised.

“Among others, we were promised investment returns of up to 40% per month.

“This company is led by a 25-year-old director,” he told a press conference at the Gerakan office here today.

Justin said they had trusted and had confidence in the company due to its valid business registration number.

“Over 500 people have become victims of the scam and there are still many people out there who have yet to lodge a police report,” he said, adding that some of them had made reports at the Jalan Patani police station, Timur Laut, on March 21.

Penang Commercial CID chief ACP Abdul Ghani Ahmad confirmed receiving the reports.-FMT