
15 lose RM3mil in pyramid scheme
FIFTEEN people lost RM3mil when a pyramid scheme on a property, beauty and gambling business collapsed, major Chinese dailies reported.
The victims, mainly from Gelang Patah in Johor, lodged separate police reports on Sunday after failing to get their money back from their uplines.
It was reported that they were introduced to the scheme by friends.
Under the scheme, investors were required to pay RM27,540 for a bronze membership, RM71,400 for silver, RM204,000 for platinum, RM714,000 for gold and RM1.15mil for property.
They were promised a monthly return of between 6% and 8% depending on the type of membership.
The company running the scheme has since removed its website.
A 56-year-old tractor driver, who only wished to be known as Kok, said he was lured into the get-rich-quick scheme by a friend in January.
He said he invested over RM200,000 and had so far received slightly more than half of the money he had put in.
This post has been edited by Raymond T.: Oct 21 2014, 12:00 PM
Oct 19 2014, 10:21 PM, updated 12y ago
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