English World

Man cheats 51 people of over RM1 million in get-rich-quick scheme

KOTA BARU: A 36-year-old businessman has been arrested for allegedly cheating a teacher of RM400,000 through a get-rich-quick scheme in Kuala Krai here.

The suspect, from Kampung Pasir Jelatang in Kubang Kerian, is also alleged to have cheated 50 others by luring them to invest in the scheme, which promises a RM3,000 return a month for a RM15,500 one-time investment (amounting to an additional RM775,000).

The businessman had managed to convince the 34-year-old teacher to pump in RM400,000 for the business, before making him a share partner.

However, after almost two years of not receiving any returns, the teacher suspected something fishy and lodged a police report against the man.

Kelantan police chief Datuk Dr Ab Rahman Ismail said the suspect was arrested in Kota Baru at about 9pm yesterday, following a police report made by the teacher in Kuala Krai the day before.

Rahman said the victim claimed that he and 50 other people were victims of the get-rich-quick scheme, and the suspect, since Jan 2015.

“The teacher claims he had invested RM400,000 over a period of two years since Jan 2015, while also gathering other people to join the investment scheme.

“He said he managed to get 50 people (to invest), each forking out RM15,500 – but to date, they have not seen a single sen in return for more than a year,” Rahman said.

He added that the suspect had told investors that the money was for investment in a frozen food factory he owned – but police checks showed that there is no such frozen food factory in Pengkalan Chepa, as he had claimed to his victims.

“Based on our initial investigations and evidence – such as bank transactions slips (amounting to RM775,000) – we have reason to believe that the suspect is possibly behind a get-rich-quick scheme registered under “My Freedom Life (M) Sdn Bhd” (MYF).

“We have obtained a remand on the man for 3 days until Dec 23 to facilitate investigations,” Rahman said, adding that the suspect was remanded in Kuala Krai under Section 420 of the Penal Code for cheating.

“It is too soon to reach any conclusion, but we are hopeful of cracking the case in the next three days,” he added.-nst

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