by DayakDaily Team
KUCHING, Jan 19: The National Consumer Action Council (MTPN) Sarawak chapter cautioned on the ongoing vending machine investment scam which has caused millions of losses with the companies involved found to have failed to deliver on their investment return promises.
In a statement today, it pointed out this investment scam is now the focus of consumer complaints.
The companies involved were found to have failed to deliver on investment return promises, causing thousands of investors to suffer huge losses, with the total amount reaching millions of ringgit.
“The actions of companies that offer investment schemes like this not only threaten the financial stability of consumers, but also affect the public’s trust in legitimate investment opportunities,” said MTPN Sarawak chapter chairman Wynson Ong.
“MTPN Sarawak is committed to protecting consumers from becoming victims of fraud. We call on the public to always check the legitimacy of an investment, not to be easily deceived by promises of high returns, and to report any suspicious activities to the authorities,” Ong added.
It noted that they have received complaints of investors who despite having paid a sum of RM30,000 for the purchase of a vending machine, the machine has not yet been installed.
“The company later gave the excuse that they were facing ‘financial problems’ and stopped operations. This situation clearly shows the characteristics of investment fraud that aims to deceive investors,” it explained.
It said that while it takes just RM1,000 to invest in one slot of vending machine, it could collectively expose investors to hidden risks and losses.
To avoid becoming victims to this investment scam, the council advised the public to be vigilant and avoid being easily swayed by promises of high returns with minimal risks.
Before getting involved in any ‘too good to be true’ investment projects, MTPN Sarawak advised investors to check the legitimacy of a company by doing a background check on the company.
It also advised investors to pay close attention to the fine print and all stipulations in contracts with the company.
Investors are also advised to avoid participating in investment schemes that promise high commissions for recruiting new members.
MTPN Sarawak urged all victims of fraud to provide evidence such as payment receipts, copies of contracts, and records of money transfers.
“This information is important to assist with investigations and legal actions against the companies involved,” it said.
Any suspicious investment activity can be reported to MTPN Sarawak via hotline: 017-7109299. – DayakDaily
