RM183 Million Scam: MHO Urges MACC to Act as Victims Await Justice

The Malaysia International Humanitarian Organisation (MHO) has called on the Malaysian Anti-Corruption Commission (MACC) to open a formal investigation into an alleged investment scam that has reportedly caused losses of approximately RM183 million.

According to MHO, over 600 victims have lodged complaints with multiple authorities since 2023 but have yet to see any meaningful legal action. The organisation stated that despite providing documents and evidence to several government bodies, no charges have been brought against those believed to be responsible.

MHO secretary-general Datuk Hishamuddin Hashim said victims have reported the case to several agencies, including the Royal Malaysia Police, the Securities Commission Malaysia (SC), the Companies Commission of Malaysia (SSM), Bank Negara Malaysia, and the National Financial Crime Centre (NFCC). However, to date, no prosecutions have been initiated, particularly by the Attorney-Generals Chambers.

He added that although investigations may be ongoing, the victims have expressed frustration over the lack of progress. They had hoped that action would be taken against those believed to be behind the scheme, which allegedly involved the loss of significant retirement savings.

Speaking outside the MACC headquarters, Hishamuddin described the commission as the victims' last hope for justice. He urged the agency to open an investigation paper under Section 18 of the MACC Act 2009, which deals with the use of false statements to mislead public bodies.

He explained that the arrangement between the investors and the company resembled a principal-agent relationship. In this structure, investors (as principals) had entrusted their money to the company (acting as agent), with the understanding that it would be managed responsibly. Instead, it is alleged that the company misused its position, providing false information and misleading documents to secure funds from the investors.

The victims claim that they were persuaded to invest based on fabricated promises and documentation, leading many to believe their funds were being handled professionally and profitably. According to MHO, some individuals only discovered the fraud after realising their returns had stopped and the company had become unresponsive.

The organisation noted that the scale of the alleged losses and the number of people affected make this a serious matter requiring urgent attention. It also highlighted the psychological and financial toll on victims, some of whom have reportedly lost their life savings.

The MACC has not yet released an official response regarding whether it will proceed with the investigation.