Over 200 people claim RM80mil losses in Islamic shares scheme
Malaysia International Humanitarian Organisation secretary Hishamuddin Hashim said formal complaints had been submitted to the Securities Commission.
PETALING JAYA : More than 200 people allegedly lost a total of RM80 million after falling victim to an investment scheme centred on Islamic redeemable preference shares.
Malaysia International Humanitarian Organisation (MHO) secretary Hishamuddin Hashim said the scheme's managers promised high dividends, but failed to deliver returns, Bernama reported.
Speaking to reporters outside the Securities Commission (SC) headquarters today, he said the scheme gained credibility through the involvement of prominent figures with positions within the firms involved, leading many to believe it was legitimate.
He added that formal complaints had been submitted to the SC, with MHO calling for a full investigation.
Among the complainants is Lutfi Daud, 60, a retired airline employee who said he lost RM250,000, his entire voluntary separation scheme (VSS) payout intended for his retirement.
Lutfi said he invested in 2022, and increased his stake in 2024 after receiving his initial returns.
'The returns were steady, so I asked my wife to join. But when the payouts started to stall, I got worried. All of my VSS money was tied up,' he said.
He said the financial hit had taken an emotional toll on him as some friends and family had begun to look down on him.
'It has had a real impact, especially for a retiree like me who still has a child in school,' he said.
Another investor, Abdullah Faizi, 30, who runs a kindergarten business, said he lost RM400,000. He said the loss had disrupted both his business and personal plans.
'The first round of dividends came through, but the second was delayed. Eventually, they blamed financial issues,' he said.
He said the scheme promised returns of up to 18% every three months and was marketed with what appeared to be a polished investment portfolio backed by high-profile individuals.
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