OVER 100 INDIVIDUALS CLAIM TO BE SCAMMED BY COOPERATIVE, WITH LOSSES OF RM5.6 MLN - NGO

KUANTAN, Feb 18 (Bernama) -- A non-governmental organisation (NGO) has claimed that over 100 individuals were scammed by a cooperative after they suffered losses of RM5.6 million without getting their promised returns.

Malaysian International Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim, who is representing the cooperative members, claimed that this has been going on since 2021, and that many of the members allegedly paid tens of thousands of ringgit each to register as members, pay for capital shares and special savings.

"They were attracted to sign up when they were offered high dividends of up to 18 per cent a year. The cooperative also offered them a gold booking scheme by a subsidiary and were promised a one to three per cent profit of the invested amount a month with bookings renewable every month,” he said at a media conference here today.

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The members claimed that the cooperative failed to pay them their profits and instead gave various implausible excuses, he said, leading them to lodge police reports that were classified as Referred to Other Agency, meaning the Companies Commission of Malaysia (CCM).

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

Meanwhile, Kuantan district police chief ACP Wan Mohd Zahari Wan Busu said when contacted that they would review all the reports lodged before any further action is taken.

-- BERNAMA