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MHO Demands New Probe into 'Datuk'-Led Stock Scam
🇲🇾 Malaysia /Economy & Trade

MHO Demands New Probe into 'Datuk'-Led Stock Scam

From Utusan Malaysia · (1d ago) Malay Critical tone

Translated from Malay, summarized and contextualized by DistantNews.

TLDR

  • The Malaysian Consumers Association (MHO) has requested the Bank Negara Malaysia (BNM) to launch a new investigation into a stock investment scam.
  • The scam, orchestrated by an individual referred to as 'Datuk', has defrauded over 100 victims, resulting in losses totaling RM59 million.
  • MHO Secretary-General Datuk Hishamuddin Hashim stated that 107 victims have come forward with complaints regarding the investment scheme, which promised lucrative returns.

The Malaysian Consumers Association (MHO) is demanding a fresh investigation by Bank Negara Malaysia (BNM) into a significant stock investment fraud. This scheme, allegedly masterminded by a figure known as 'Datuk', has already ensnared over 100 individuals, leading to staggering losses estimated at RM59 million. Datuk Hishamuddin Hashim, the Secretary-General of MHO, revealed that 107 victims have so far lodged complaints against the fraudulent investment operation.

MHO meminta Bank Negara Malaysia (BNM) membuka siasatan baharu kes pelaburan saham didalangi seorang ‘Datuk’ membabitkan lebih 100 mangsa dengan kerugian mencecah jutaan ringgit.

— Malaysian Consumers Association (MHO)The MHO's request for a new investigation into the stock investment scam.

The modus operandi of the company, owned by the 'Datuk', involved promising exceptionally high returns through various means. MHO's call for a new investigation underscores the severity of the financial losses incurred by the victims and the need for regulatory intervention to prevent further exploitation. The association's proactive stance highlights its commitment to protecting consumers from such predatory investment schemes that prey on the public's desire for financial growth.

Sehingga kini, seramai 107 mangsa telah tampil membuat aduan membabitkan skim pelaburan berkenaan dengan kerugian direkodkan sebanyak RM59 juta.

— Datuk Hishamuddin HashimThe MHO Secretary-General detailing the number of victims and the total financial losses.
DistantNews Editorial

Originally published by Utusan Malaysia in Malay. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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