109 victims of RM29 million investment scheme urge AGC to re-prosecute suspects

A group of 109 victims of a fraudulent investment scheme, which allegedly defrauded them of RM29 million, are calling on the Attorney General's Chambers (AGC) to re-prosecute the individuals involved four years after the initial case.

Datuk Hishamuddin Hashim, Secretary-General of the Malaysian International Humanitarian Organization (MHO), stated that a recent High Court decision provides a new basis for prosecution. The court declared the investment agreements void from the beginning, finding that fraud and misrepresentation occurred against the investors.

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Therefore, the victims hope that these court findings can serve as a new basis for reopening criminal investigations against those involved.

"Therefore, the victims hope that these court findings can serve as a new basis for reopening criminal investigations against those involved," Hishamuddin said. The victims are pushing for charges under Section 420 of the Penal Code, believing the investment funds were collected without any genuine intention to fulfill the promised returns.

More than 50 victims gathered outside the AGC to urge the department to expedite the prosecution process. They also want the suspects and other individuals implicated in the case to be re-charged. The Kuala Lumpur High Court recently declared the investment scheme an illegal deposit-taking scheme with characteristics of a Ponzi or pyramid scheme. While victims had previously filed police reports, many were classified as 'Refer to Other Agencies' (RLA) and forwarded to Bank Negara Malaysia (BNM). BNM had previously stated that companies linked to the individuals involved were found to have accepted deposits from the public without authorization, leading to RM50 million in compounds for violating the Financial Services Act 2013. However, victims argue that compounds alone are insufficient given the substantial financial losses they incurred.

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Victims want AGC to consider prosecution under Section 420 of the Penal Code because they believe the investment funds were collected without the real intention of fulfilling the promised returns.