Saturday, 20 May 2017 | MYT 12:00 AM
Forex scheme leaves investors stranded barely three months after launch
GEORGE TOWN: Another money game scheme has collapsed even before many of its investors could get back a single sen.
A woman, who declined to be named, said she invested RM4,700 in the CG International scheme in April but before she could receive the promised returns of 22% monthly, she was removed from the company’s WeChat group on May 10.
“I received an apology message from the management, claiming that the company’s investment plan could not get approval and had to stop operating in Malaysia.
“When I wanted to check if I could get back my money, the group admin removed me from the group,” the woman said when contacted yesterday.
She claimed that many other investors of the scheme also did not get a single sen from their investment.
The woman, who is in her 40s, did not lodge a police report but at least two other investors did so.
One of them stated in her report that she invested RM4,700 in the scheme on April 25 after being invited via WeChat.
The factory worker lodged the police report on May 10 because she felt cheated after she was removed from the WeChat group earlier the same day.
It is learnt that the investment scheme was launched by CG International on March 6.
The company claimed that it was involved in forex investment.
According to an investment plan released by the company in March, investors could choose different investment packages of between US$50 and US$3,000 at an exchange rate of RM4.70 to US$1. They could withdraw their capital at the rate of RM4.20 to US$1.
Penang Commercial Crime Investigation Department chief Asst Comm Abdul Ghani Ahmad said yesterday that two police reports had been lodged against CG International so far.