Latest news with #IRPS
The Star
13-05-2025
- Business
- The Star
Over 230 investors lodge complaints with Securities Commission against investment scheme, allege RM80mil in losses
KUALA LUMPUR: A total of 232 individuals have a lodged a complaint with the Securities Commission Malaysia (SC) against a scheme centred around Islamic Redeemable Preference Shares (IRPS). According to Malaysia International Humanitarian Organisation (MHO) secretary Datuk Hishamuddin Hashim, the scheme's managers promised high dividends to the investors, but the scheme failed to deliver returns amounting to RM80mil in losses for the victims. Speaking to reporters outside the SC headquarters, he noted that the scheme gained credibility through the involvement of prominent figures who held positions within the firms, leading many to believe the investment was legitimate. Hishamuddin said formal complaints have now been submitted to the SC, with MHO calling for a full investigation. - Bernama
Barnama
13-05-2025
- Business
- Barnama
More Than 200 Investors Claim RM80 Mln Losses In Islamic Shares Scheme
KUALA LUMPUR, May 13 (Bernama) – A total of 232 individuals claim combined losses of RM80 million after allegedly falling victim to a fraudulent investment scheme centred around Islamic Redeemable Preference Shares (IRPS). According to Malaysia International Humanitarian Organisation (MHO) secretary Datuk Hishamuddin Hashim, the scheme's managers promised high dividends to the investors, but the scheme failed to deliver returns. Speaking to reporters outside the Securities Commission Malaysia (SC) headquarters, he noted that the scheme gained credibility through the involvement of prominent figures who held positions within the firms, leading many to believe the investment was legitimate. Hishamuddin said formal complaints have now 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, the entirety of his voluntary separation scheme (VSS) payout intended for his retirement. After receiving initial returns, Lutfi said he invested in 2022 and increased his stake in 2024. '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 added that the financial hit has taken an emotional toll, as some friends and family have begun to look down on him. 'It's 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. The losses, he said, had disrupted both his business and personal plans.
NDTV
13-05-2025
- Politics
- NDTV
Court Closes Case Of Om Birla's Daughter Against Objectionable Posts
New Delhi: The Delhi High Court on Tuesday closed the proceedings in a lawsuit filed by Indian Railway Personnel Service (IRPS) officer and Lok Sabha Speaker Om Birla's daughter Anjali Birla against alleged objectionable social media posts. Justice Jyoti Singh passed the decree in favour of Anjali Birla in the suit which was filed against X Corp (formally known as Twitter), Google and unknown persons (John Doe). The officer sought directions to take down social media posts which have alleged that she cleared the Union Public Service Commission (UPSC) exam and became an IAS officer in her very first attempt because of her father's influence. Her counsel had submitted that Birla had appeared for the UPSC, Civil Services Exam (CSE), and was selected in the consolidated reserve list of 2019. She joined Indian Railways as an IRPS officer. The high court, in its July last year interim order, had directed X Corp and Google Inc to remove the alleged objectionable social media posts against Anjali Birla. It had also restrained unknown parties from directly or indirectly posting, circulating, communicating, tweeting or retweeting the alleged defamatory content mentioned by Anjali Birla in her defamation suit. During the hearing on Tuesday, the court was informed by the counsel for X that out of the 16 posts, 12 were removed by the originators while access to the remaining four posts was blocked by the social media platform in pursuance to the interim order. The court directed X to remove the remaining four social media posts and added that in case Anjali Birla brings to its notice any other identical posts, they should also be removed by the social media platform. The court had earlier opined that the social media posts the plaintiff had complained about did not appear to have been made after due verification. "The plaintiff was appointed to IRPS in 2021. The purpose of posting the impugned social media posts in 2024 and in the language they have been posted do not appear to be bonafide," it had noted in 2024. Anjali Birla's counsel had contended that the social media tweets were per se defamatory and incorrect and had been made in a reckless manner only to tarnish the reputation of the plaintiff and they cannot be allowed to continue to be in circulation. He contended that similar allegations had surfaced against her in 2021, but on a complaint by the officer, were investigated by several media houses and later the controversy died down. "After three years, this social media campaign has again started which not only defames her but also her family, including her father who is a political figure and holds a constitutional post. "I became an officer in 2021 but now suddenly these things have come up again because of the NEET and UPSC exams controversy. The social media posts make it feel as if we are all part of this. My (plaintiff) private pictures are being posted online saying I am a model," the counsel had said, adding she has also lodged a complaint with the cyber crime department.
Hindustan Times
13-05-2025
- Politics
- Hindustan Times
HC closes case of IRPS officer Anjali Birla against objectionable posts
New Delhi, The Delhi High Court on Tuesday closed the proceedings in a lawsuit filed by Indian Railway Personnel Service officer and Lok Sabha Speaker Om Birla's daughter Anjali Birla against alleged objectionable social media posts. Justice Jyoti Singh passed the decree in favour of Anjali Birla in the suit which was filed against X Corp , Google and unknown persons . The officer sought directions to take down social media posts which have alleged that she cleared the Union Public Service Commission exam and became an IAS officer in her very first attempt because of her father's influence. Her counsel had submitted that Birla had appeared for the UPSC, Civil Services Exam , and was selected in the consolidated reserve list of 2019. She joined Indian Railways as an IRPS officer. The high court, in its July last year interim order, had directed X Corp and Google Inc to remove the alleged objectionable social media posts against Anjali Birla. It had also restrained unknown parties from directly or indirectly posting, circulating, communicating, tweeting or retweeting the alleged defamatory content mentioned by Anjali Birla in her defamation suit. During the hearing on Tuesday, the court was informed by the counsel for X that out of the 16 posts, 12 were removed by the originators while access to the remaining four posts was blocked by the social media platform in pursuance to the interim order. The court directed X to remove the remaining four social media posts and added that in case Anjali Birla brings to its notice any other identical posts, they should also be removed by the social media platform. The court had earlier opined that the social media posts the plaintiff had complained about did not appear to have been made after due verification. 'The plaintiff was appointed to IRPS in 2021. The purpose of posting the impugned social media posts in 2024 and in the language they have been posted do not appear to be bonafide,' it had noted in 2024. Anjali Birla's counsel had contended that the social media tweets were per se defamatory and incorrect and had been made in a reckless manner only to tarnish the reputation of the plaintiff and they cannot be allowed to continue to be in circulation. He contended that similar allegations had surfaced against her in 2021, but on a complaint by the officer, were investigated by several media houses and later the controversy died down. 'After three years, this social media campaign has again started which not only defames her but also her family, including her father who is a political figure and holds a constitutional post. 'I became an officer in 2021 but now suddenly these things have come up again because of the NEET and UPSC exams controversy. The social media posts make it feel as if we are all part of this. My private pictures are being posted online saying I am a model,' the counsel had said, adding she has also lodged a complaint with the cyber crime department.
Malay Mail
13-05-2025
- Business
- Malay Mail
Group urges SC to probe alleged fake Shariah-compliant investment scheme duping over 230 investors
KUALA LUMPUR, May 13 — Civil group Malaysia International Humanitarian Organisation (MHO) has today urged the Securities Commission (SC) to open an investigation into an allegedly fraudulent Shariah-compliant investment scheme. Its secretary-general Datuk Hishamuddin Hashim claimed that the scheme called Islamic Redeemable Preference Shares (IRPS) has caused losses of approximately RM80 million to 232 investors. 'We strongly urge the SC to open an investigation and refer it to the Attorney-General's Chambers for possible prosecution against the masterminds and perpetrators responsible for the losses suffered by these victims,' he told a press conference after delivering the relevant documents to the SC here. He said the allegedly fraudulent companies employed marketing agents to promote and market an investment labelled as Shariah-compliant, and had even obtained compliance certificates and submitted an information memorandum (IM) to the SC. 'This is where the confusion lies, investors mistakenly believed that the investment had been approved by the SC and it is important to clarify that there is a difference between submitting an IM and having a prospectus approved,' he added. He also said the IM process only applies to sophisticated investors, who are defined as professional investors with at least RM250,000 to invest and net assets of at least RM3 million. However, he said many of the investors who lodged complaints were not sophisticated investors. He also said urged for an investigation into the allegedly involvement of a director in one of the companies offering the IRPS scheme, whom he said is a Shariah adviser recognised by the SC. He said the association may have influenced many to invest, believing the scheme was legitimate. Last week, the SC charged a 44-year-old man at the Kuala Lumpur Sessions Court for defrauding five investors of over RM3.1 million by falsely representing that he would invest their monies in a fictitious scheme called 'Amal Trust,' which purportedly offered Shariah-compliant bonds with high returns. He also faced two additional charges for unlicensed capital market activities and was granted RM500,000 bail with conditions, including surrendering his passport and reporting to the SC monthly.
