A fraudulent investment scheme, known as “Guarantee Return,” has scammed millions of ringgits from victims in Malaysia over the past two years. The scam involved a gambling investment package that promised investors a high return of 16.5% per month. The investment package required investors to place bets on online baccarat games at the company’s provided entertainment platform to receive a bonus.
Investors were required to bet a minimum of US$100 (about RM440) each time, with the company promising to refund all betting deposits if investors were unable to win after seven rounds. However, this did not prevent the company from sweeping away tens of millions of ringgits from unsuspecting investors.
According to reports, one victim invested RM12,000 on the recommendation of his friends and ended up losing RM1.3 million. The victim’s friends encouraged him to invest more funds and even lured others into borrowing money for investment with high returns.
The company also launched a second wave of packages with a higher return of 23.8%, causing more and more people to fall into the scam. Eventually, the company forced each person to purchase 40 investment accounts at a time, each with a minimum of RM20,000 and a maximum of RM60,000, or else the investment would not continue.
As the company collapsed, a fraud reporting group was formed, gathering over 600 victims. One victim lost the most money, investing a total of 3 million ringgit, while another victim hanged himself to death this year due to the unbearable pressure of life after his investment failed.
Authorities are urging the public to be cautious when approached with investment opportunities promising high returns. Victims are encouraged to come forward and report any fraudulent activity to the relevant authorities to prevent further losses.
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