Over 100 victims of investment scams provide further statements to SSM

Representing the victims, Malaysian International Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim said he hoped that the additional statements would help SSM further in its investigations.

According to him, there have been no arrests made since the complaint was filed last March, which is concerning for all the victims concerned.

"With reference to Section 27A of the SSM Act, which provides for enforcement and investigative powers, the registrar (SSM chief executive officer) shall have all the powers of a police officer in all matters provided for in the proceedings.

"This means that the SSM has the power of arrest. They have police powers. You do not have to wait for the police. SSM can arrest even if it is an investment scheme which is not registered under the Interest Schemes Act 2012," he said at a press conference at Menara SSM @ Sentral here today.

Hishamuddin said any company director who runs an investment scheme without being registered with the SSM under the Interest Schemes Act 2012 can be imprisoned for 10 years or fined up to RM50 million.

This is the third step taken by the scam victims after they lodged reports with the police and Securities Commission (SC) in March and April respectively, he said.

Most of the victims admitted that they became interested in the investment schemes after the companies also used the names of celebrities, royals, former government officials and religious figures who were found later not to be involved in the schemes. A father of a famous athlete who wishes to remain anonymous said that he had lost RM150,000 after believing that the investment scheme was a product of a local bank.

"The representative who introduced me to the investment scheme with returns of up to six per cent per month was actually a bank employee. I only received the bonus for the first three months and to this day I have not received any money," he told Bernama.