Many investors get their fingers burned in dubious money-making schemes
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M Mall in Penang where MBI investors can exchange their virtual coins is now almost deserted.
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IT may seem like it was not so long ago that money-game was practically on everybody’s lips especially here in Penang,
My close friend even invested in MBI Group International which was one of the most popular investment schemes then.
At its peak, one would be considered the odd one out for not investing in the scheme.
How times have changed. Now, my friend is telling me that he has not heard from his upline for months.
It was a far cry from the time when the upline would tell him how good the scheme was, and even spell out a time frame to cash in on the investments.
Most investors have now resigned to the fact that their investments are as good as gone. They feel ashamed to lodge police reports and many just suffer in silence for fear of people teasing them.
However, their counterparts from China were less forgiving.
In October, hundreds of them staged a peaceful protest near the Chinese Embassy in Kuala Lumpur. Wailing and sobbing, they urged the Chinese government to help them recover the hundreds of million ringgit they had invested in the Penang-based company.
In Penang, several groups of Chinese investors also vented their frustration at a hotel and the jetty of an island resort here, where both properties are said to be associated with the company.
The last we heard, three of them even went to the extent of dropping fake bombs at a house in Bukit Gambier out of desperation.
The house belongs to the son of MBI Group International founder Tedy Teow. Luckily, no untoward incidents took place.
Another friend of mine told me that he started believing in karma after putting faith in the money- game.
He is now convinced that what goes around, comes around. This is his story.
He put in a sum of money in BTC I-system, a scheme which claimed to invest in bitcoin digital currency.
Without even knowing how the investment works, he managed to get back his capital within two months, plus a few thousand of ringgits extra in the next few months. Then the scheme collapsed.
He then took the plunge again in another scheme. He was confident of easy money again, especially after being told he was among the first few to join the investment. He was not so lucky this time.
The profit that he got in the first investment ended up paying for the second scheme that went bust.
I have seen many people whose relationship with family members had become strained all because of these dubious schemes.
Direct Selling Association of Malaysia (DSAM) president Datuk Tan Chong Guan reminded the public that there is no free lunch in this world.
“Where there is no sales but a return is promised on investments, this is a sign that it is a money-game, or a pyramid scheme, ” he was quoted then.
If you still could not figure out or get a clear explanation on how the investment will make money, then you better opt out.
If it involves any chain-recruitment that offers commissions for bringing in new affiliates, or sophisticated or complicated investment schemes that sound too alien, then you better avoid it.
Always remember that one has to work hard to earn one’s keep.
But believe me, money-game would always re-emerge in other forms, just like the online scams as long as there is human greed.
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