This is an investment company - Vascory PLC. Company office at Menara Amcorp, Petaling Jaya.

I invested RM2Mil with this company on their Redeemable Cumulative Preference Shares on a 10% ROI in 2016. The period of investment was 5 years. 5 years has lasped & mutually agreed by the Vascory CEO & myself on the return of invested capital.

Its now 3&1/2 years since expiry of investment period, the CEO only keeps promising on redemption of my investment. Everytime I ask or see him personally, he promises to return my investment, but i never get the money.

Before jumping into taking legal action, I would like to know if there is any other way to get my money back from this company. Are there any government agencies that could help citizens in this matter.

This post has been edited by SKYjack: Jul 26 2024, 10:35 AM

He will keep promising your return in 2030. Chances of getting yr money back is slim because it is a scam. He will disappear and uncontactable soon. Just make a police report.

May try this, ....hope it can helps

https://www.sc.com.my/investor-empowerment/scam




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The Redeemable Cumulative Preference Shares is clearly on contract stated when redeem, must be obligated? or there is a choice to redeem after 5 years?
Or apa pun tak da, just mutually agreed verbally?

Police report on its own seems useless. Many others have already done this. The police dont do anything other than give a copy of report.

The website also looks amateurish.....can't believe you actually put 2mil with them without checking whether they are legit to accept investments. Gosh....

Is this the same guy?

https://www.bacalahmalaysia.my/ranjeet-sing...ary-duties-cbt/

I have a contract clearly spelling out the shares may be renewed if mutually agreed. Here the CEO & I have mutually agreed not to renew. The CEO keeps promissing redeemption , but it has not happened.

Tks for this. I will check on this.

After aking those reports to the relevant authorities like Police, SC and BNM for some times without any progress, ...can try NGO ....like MHO which had been vocal and had many very public stunts in their demands too.

Some of their previous actions

https://www.google.com/search?client=ms-and...ih=728&dpr=2.81

https://www.google.com/search?q=malaysian+h...le-gws-wiz-serp

Trying to understand more first... after you 'invested' in, did u perform SSM search and check if the company did really lodge the preference shares with SSM, also reflected these shares in their Balance Sheet?
Coz if yes, then is more to company unable to fulfill the requirement of redemption.
If no... means ur money is dump into salt water sea

Correct me if i am wrong, coz this is wat i understand about preference shares

Report serves as proof in court. The police cannot act on failed promises until directive is given by court.

No... I didnt lodge with SSM.

Ok will do that , if cant find any solution then have to go legal.

Not u lodge, but the company/company sec...
If u wan go legal, u also have to find out this matter first btw

How do i go about on this. Where to start?

Just consults a lawyer, everything will be clear.
2mil is no small amount.

Hmm... just simple go CTOS or eSSM, pay few ten ringgit and u can get it. But only if u know how to read it (not complicated, but at least need understand).
But anyhow, like above say, its RM2.0 mil, think u wont mind payment few extra hundreds to get a lawyer to do for u, at least they help u go in details.

I have already decided on engaging a lawyer. There is no other choice now.

I know 5 people in my situation. Was talking to them to bring a class action. This way we share the legal cost.

RM 2m ...2016 buy BTC or Nvidia....today....sigh. You really need to take action, confirmed scammer won't return your money and one day will just disappear to Vietnam or some Carribean islands. Probably can have court withheld and blacklist his passport so that he can't run.

sorry about this, 2 mil is retirement money for many people or they dream to having that amount.

scammer like to sell hope - I WILL - no more I will, pursue legal route if you cannot get your money

btw, go hunt him at his residence, track him till he returns...

make sure his life is a nightmare...

sorry again and thanks for having the courage to speak up here..

This company got staff?
How is it sustainable?
Work fast, before funds run dry.

The Company has a number of staff. The office is a large one at AMcorp Mall PJ. Its a ground floor corner unit 2story. This is own office, not rented. I've been to his office twice demanding for the return of my investment. My last visit was Feb this year. Each time the CEO comes up with a very promising story to redeem my investment. So I have left thinking I'll get my money back. I now know its was a big fat lie.

This post has been edited by SKYjack: Aug 7 2024, 10:24 AM