Thousands cheated out of estimated RM20mil by gold investment scam

March 13, 2024

Thousands cheated out of estimated RM20mil by gold investment scam

PETALING JAYA: Businessman Rifqi Abu Bakar thought he was onto a good thing when he saw a scheme that offered high returns of 14% to 21% per month.

But it was too good to be true.

Although he managed to withdraw several thousand ringgit, he still lost RM32,000 to a syndicate said to have cheated thousands of an estimated RM20mil.

The syndicate used a bank account, which was registered under the name of a suspected drug addict, to collect the money.

It lured thousands of people into a non-existent gold investment scheme it promoted on a crowdfunding and welfare smartphone app.

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The investors, who were drawn by the promise of high returns under the scheme known as Mudah Trading, were left in the lurch last month when the scammers disappeared barely a year after starting the business.

It is learnt that apart from retirees, businessmen, teachers and students, even police personnel had fallen victim to the scam.

Unlike other such scams where syndicates use multiple bank accounts to receive payments, this one took cash deposits from the victims into just a single bank account.

The victims made investments as low as RM100, but there were dozens who had increased the sum to over RM100,000 after being persuaded to do so.

Rifqi said he had fallen for the scam because the app operator was popular and known for undertaking charity work.

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“I clicked on a pop-up advertisement on the app and was linked to a WhatsApp group where I received information on the investment.

“It was too late when we found out that the app operators had nothing to do with the scheme.

“We estimate the syndicate has taken at least RM20mil,” said Rifqi.

He started investing small amounts in October last year before increasing the sum after receiving the promised returns.

However, last month, the investors were unable to make withdrawals.

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“We checked with the Companies Commission of Malaysia and found that the company OID Solution was registered as a sole proprietorship under the name of a 34-year-old man in March last year,” said Rifqi who lodged a police report two weeks ago.

Police revealed the bank account was registered to a man who has a record for drug abuse and drug-related offences.

A 33-year-old technician from Sepang, who only wanted to be known as Khairul, said he took a personal loan of RM30,000 from a bank to operate a business and ease his mother’s financial burden.

“My aged mother runs a foodstall and has to work day and night.

“I was hoping with the extra funds from the investment, I could go into fish farming and earn a better income for my family,” said the bachelor.

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“Initially, high dividends were paid out, but it was all over last month and there is no trace of those behind the scheme.

“They have blocked our numbers and are no longer reachable.

“I do not expect to see my money again, but I really want to see the crooks punished,” he said.

Federal Commercial Crime Investigation Department director Comm Datuk Seri Ramli Mohamed Yoosuf urged scam victims to come forward and lodge police reports.

He said investigations would be carried out to trace those behind the company.

“Despite our continuous efforts to educate … the people, there are still those who fall victim to these scams.

“Our advice is, please stay away from any investment scheme that is not regulated by the relevant authorities,” he added.