SIBU: Parti Bumi Kenyalang (PBK) president Voon Lee Shan has urged the public to be wary of deposit-taking companies.
He noted that when times are bad, unscrupulous people always find ways to survive and make money.
“These people set up companies registered under the Companies Act and with licences obtained from other government agencies, their business looks genuine.
“Some act like banks, giving investors or participants high returns for the money they invest with these companies.
“Although the company is registered under the Companies Act, if they look like deposit-taking, please be wary about it. This is because they are not banks. After all, only banks are allowed to take deposits with interest in return,” he said in a statement Wednesday (March 8).
Voon said that there is a company operating in Sarawak asking the public to join the company upon payment of a small fee that entitled participants to “membership” of the company.
“The members were said to be entitled to welfare benefits like funds for medical and funeral expenses. Certificates were issued and many received money for treatment and funeral expenses after joining as members.
“It looks genuine and participants were very happy. People from Sabah, Indonesia, and Brunei also took trips to invest in the company,” he said.
He added that the company also provides for members of the company to participate in the company’s business while non-company members are not allowed to participate in the investment business of the company.
“To convince the public to join, the company put in its brochure photos of celebrities, business people, and politicians who were said to have participated in the company’s business. Many people fell into their trap because of the promise of good returns on their investments.
“It is difficult to know whether a company is a scam or not. Even educated and professional people fall into the trap of these companies,” he said.
He stressed that to avoid loss and scams, the public is reminded that if in doubt about the legality or the operations of any company, it is wise to seek advice from the commercial branch of the police department and Bank Negara.
“Sometimes police may also not be sure whether they are scams or not unless there are complaints to the police by those who had been cheated and you may also wish to consult a lawyer who has experience in dealing with such cases,” he said.
