KUALA LUMPUR – In yet another case of scams, a group of businessman claims to have been defrauded of over RM10 million through multiple investment schemes and cooperatives.

While 10 individuals have reported the incident to the police, there are believed to be more victims who are reluctant to come forward at this time.

According to their legal representative, Dinesh Muthal, all his clients have filed police reports gradually over the past two weeks regarding the investment fraud.

“So far, almost 20 victims have come forward to file reports, with losses ranging from RM50,000 to over RM1.5 million,” he stated during a press conference today.

Dinesh mentioned that they would take legal action and hoped for further actions from the police.

“After reporting to the police, we will also file additional reports with the Cooperative Commission and Bank Negara Malaysia, besides pursuing legal action. This is a clear and blatant case of fraud,” he added.

One victim, identified as insurance agent Datuk Selvamani Ramasamy, disclosed losses exceeding RM300,000.

Another victim, who preferred not to be named, claimed losses of RM3.3 million over a span of 24 months.

“He approached me through another business acquaintance and presented a convincing business plan. Initially, I invested RM1.5 million and received a dividend payment of RM300,000.

“After receiving the first dividend, I began to trust him and increased my investment to RM3.3 million,” the victim stated. -MalayaDailyToday