Millions lost in e-invest scam

PENANG: Thousands of people nationwide are believed to have lost several million ringgit in an Internet investment scheme known as buy-e-barrel which has closed down abruptly.

Investors have been unable to log onto their online accounts over the past two weeks.

An investor, who declined to be named, said he managed to escape before the US-based pyramid scheme collapsed.

I made a few thousand ringgit from the scheme which offered daily interest of between 2% and 3% for an investment of between US$100 (RM345) and US$2,000 (RM6,900), he said.

He believed that many of those who lost their money were government servants, adding that they took part in the scheme at the tailend.

George Town OCPD Asst Comm Azam Abd Hamid said the police were aware of such a scheme but had yet to receive any report from those who lost money.

He advised victims to lodge police reports if they had been cheated so that they could investigate the case as cheating.

The Securities Commission has issued an alert on more than 50 websites which

promised quick returns with minimum investments and urged the public not to invest in them.

These websites are not authorised or approved under the country’s securities laws to deal in securities or whatever investments, ACP Azam said.

A check by The Star found that buy-e-barrel was among the websites mentioned in the SC list at: http://www.sc.com.my/eng/html/licensing/investors/Alert_list.htmlThe SC recently froze two bank accounts with RM1.6mil and closed two websites

said to be connected to a global Internet investment scam run by Cambridge Capital Trading.

Last week, the National Fatwa Council passed a fatwa forbidding Muslims from investing in shares on the Internet.

Source:http://www.thestar.com.my/news/story.asp?file=/2007/4/21/nation/17511292&sec=nation

Source:http://thestar.com.my/news/story.asp?file=/2007/4/21/nation/17509669&sec=nation

Saturday April 21, 2007

Student falls victim to Net scam

PENANG: A student lost all her college fees totalling RM148,000 to a syndicate which told her that she had won RM3.3mil in two Internet lucky draws.

The 20-year-old student first received a call on March 20 from a woman telling her that she had won RM120,000 in a Hong Kong Turf Club online draw.

But in order to collect her winnings, she was told to deposit RM46,000 as insurance and processing fees.

She then transferred the amount into an overseas bank account on March 30.

George Town OCPD Asst Comm Azam Abd Hamid said that later the same day, she received another call from a man informing her that she had won an extra RM3.2mil in a bonus draw.

She managed to raise a further RM102,000. The money was then deposited into the same account on Wednesday.

After not hearing anything from the callers, she realised she had been cheated and made a police report the next day, he said yesterday.

ACP Azam said a check showed that the phone number used to call the victim was registered in China, adding that the case had been classified as cheating.

This was not the first time that such a thing had occurred. We have issued several warnings through the media but such cases continue to occur.

The syndicate could also be behind several cases reported in the state over the past several months, he said.

Damn this ppl…why need to cheat on ppl money…Just go and work la!!just earn the money by their own effort laa!!other ppl oso work to earn money ma!!

This is a bank been duped.

Source : http://www.nst.com.my/Current_News/NST/Saturday/National/20070421083305/Article/index_html

KUALA LUMPUR: A local bank has been duped of RM3 million after approving a loan that was submitted with falsified financial reports.

Chin Chee Seng is the auditor whose signature and company name was used by two firms that applied for business loans amounting to RM10 million from local and foreign banks.

“I was stunned when three banks called me in August last year to verify financial documents which had allegedly been audited by me,” he told a press conference at Wisma MCA yesterday.

“I immediately lodged reports at the police stations in Brickfields, Dang Wangi and Seri Petaling regarding the falsified financial documents.”

It is learnt that the two companies involved claimed they, too, are victims and that an agent was responsible for the loan applications.
“We paid the agent RM1,500 as the fee to help us source for loans with financial institutions, but he swindled us in return,” a company director said, declining to be named.

Acting city police chief SAC (1) Zulhasnan Najib Baharuddin confirmed the reports and said police were looking for the agent.

He declined to say whether any of the banks had lodged reports.

The investigations were being conducted by the city commercial crimes department.

It is learnt the suspect had applied for loans from two local and two foreign banks. The loans were for RM1 million each from two banks and RM3 million and RM5 million from the other two.

It is understood that one of the banks had approved the loan without checking the authencity of the financial reports and paid out RM3 million in January last year.

MCA Public Services and Complaints Department head Datuk Michael Chong said banks should tighten their procedure for loan applications.

It is understood the other three banks have frozen or cancelled the loan applications pending the outcome the investigations.

The financial reports that had allegedly been audited by Chin do not have his companys letterhead and even the signature is not similar.

He said he was waiting for the police response to the reports he had lodged.

Following the telephone calls he received from the banks last year, Chin said he got a call from a director of one of the two companies asking him not to report the matter to the police.

“He said the company would conduct an investigation and told me not to inform the police but to instead settle out of court,” he added.

Chin said he rejected the offer for fear of losing his auditors licence.

i heard about it !!! I was invited but I warned the risk to those invited me. I am wondering why the authority never take action fast enough, this is too obvious that our people never learn their lesson. Our authority is sleeping i think. Rakyat kena tipu !!! There is huge bank transaction going on and I am still wondering why nobody pick this up…

[quote=“tsyen75”]PENANG: Thousands of people nationwide are believed to have lost several million ringgit in an Internet investment scheme known as buy-e-barrel which has closed down abruptly.

Investors have been unable to log onto their online accounts over the past two weeks.

An investor, who declined to be named, said he managed to escape before the US-based pyramid scheme collapsed.

I made a few thousand ringgit from the scheme which offered daily interest of between 2% and 3% for an investment of between US$100 (RM345) and US$2,000 (RM6,900), he said.

He believed that many of those who lost their money were government servants, adding that they took part in the scheme at the tailend.

George Town OCPD Asst Comm Azam Abd Hamid said the police were aware of such a scheme but had yet to receive any report from those who lost money.

He advised victims to lodge police reports if they had been cheated so that they could investigate the case as cheating.

The Securities Commission has issued an alert on more than 50 websites which

promised quick returns with minimum investments and urged the public not to invest in them.

These websites are not authorised or approved under the country’s securities laws to deal in securities or whatever investments, ACP Azam said.

A check by The Star found that buy-e-barrel was among the websites mentioned in the SC list at: http://www.sc.com.my/eng/html/licensing/investors/Alert_list.htmlThe SC recently froze two bank accounts with RM1.6mil and closed two websites

said to be connected to a global Internet investment scam run by Cambridge Capital Trading.

Last week, the National Fatwa Council passed a fatwa forbidding Muslims from investing in shares on the Internet.

Source:http://www.thestar.com.my/news/story.asp?file=/2007/4/21/nation/17511292&sec=nation[/quote]

For the Penang case,

Can you blame her for being stupid?
my words may be harsh but for a college student. yes its stupid.

some people ought to be ignorant to internet / newspaper / reports and advice.
these people will fall into the traps of scammers.

can som1 confirm this?
streamyx banned/ blocked this website.
dat y we cant access it here in msia…
some1 told me if u access it from overseas, d website is still running.

pls confirm this…or at least gv it a try