That alone doesn't mean something is a Ponzi or not

We are pleased to inform you the following fund transfer request has been submitted to AmBank for processing. The payment details are as below:

Date & Time:
Reference Number:
Transfer Mode: Bulk Transfer
Transfer From: UBB AMANAH BERHAD
Transfer To:
Transfer Amount: MYR650.00
Payment Date: 15/06/2024
Recipient Reference:
Other Transfer Details: Income of LQT Jun24

Should you have any queries, please contact the Payer.

Yours faithfully,
AmAccess Biz
AmBank (M) Berhad

Is that your dividend for your 10k deposit in a year?

20k deposit and dividend split bi annually.
This is my second investment the first one is due in few months time..

May I know did u get ur 1st investment money back?

It's not due yet...can return only on exact date after lock in period

I received back the total initial amount.. no deductions

I have received the money back.. no regrets.. only profits..

congrats....

so it is really a ponzi scheme? any official statements from any regulatory body?

Currently trust companies are under the purview of SSM. Not under the jurisdictions of BNM or SC.

I would only consider putting any money in it after the "efforts" to change the "Trust Companies Act" had already been passed and in law. I had been waiting for 2 years already since the proposal was made known.


https://www.google.com/url?sa=t&source=web&...dJxc-l27kuqTo_Y




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I buy share from that company, because I can see how they earn money. They disclose their account, I saw their product etc.

What this UBB do other than give you interest 8% pa?

seems pretty legit then. what were the concerns raised by other forumners then?

Found this from SSM website.
I found it "interesting and of concern", but perhaps others may find it of no issue to them.
I got no extra money or the leisure time to go the civil action route if shits hits the fan.

https://www.ssm.com.my/Pages/Services/Other...-Complaint.aspx

This post has been edited by MUM: Oct 21 2024, 10:55 AM


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Govt Agrees To Amend Trustee Acts To Prevent Misappropriation Of Funds

https://www.bernama.com/en/news.php?id=2338635

Just hoped and wished that those agreed changes to the Trustee Act includes "those private and personal" trust agreements...like subscribing to those cash trust deposits agreements and not just agreed to make changes to the Trustees Act just impacting some "bodies".
And I also hoped and wished that I don't have to wait "years" for it to be gazetted into law.

"PETALING JAYA: Two laws governing trustees of organisations are to be amended in hopes of curbing the misappropriation of funds meant for religious, social or charitable purposes.

The two laws are the Trustees (Incorporation) Act and the Trustee Act 1949, the Prime Minister’s Office said in a statement."

https://www.freemalaysiatoday.com/category/...ds-for-charity/

This post has been edited by MUM: Dec 1 2024, 10:10 AM


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ubb - invested 20k 3 years ago to test water.
got back 1.6k per year for 3 years.
reinvested the principal amount. reaped 4.8k profit.

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This post has been edited by Feliex: Dec 11 2024, 11:09 AM

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