Monday, March 5, 2012

Investors Fleeced of RM620 Million

The Companies Commission of Malaysia reported that for the past 3 years Malaysian investors have been fleeced of Ringgit Malaysia 620 million! (About USD200 million). These are reported cases, plus the non reported cases, the figures is surely more than this.

In Malaysia there are many kind of scams and people fall into them despite cases reported in the news media. There is also a recent case of investing in gold where the company cheated investors of about RM440 million! These people were convicted in court and they are returning some money to the investors.

We may wonder why so many people are falling into these scams. Many people are not satisfied with what they already have financially and they are looking to be rich quickly. Thus many of these scams promised high interest returns, e.g 30% in one year. The current bank interest is around 3-4% per year.

Basically it boils down to greed. It is a good lesson for us Christians because the Bible taught us too,

Proverbs 25:28

'The greedy stir up conflict,
but those who trust in the LORD will prosper."

To read a news article click on the title of this post.

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