KUALA PILAH: The Domestic Trade, Cooperatives and Consumerism Ministry (KPDNKK) has found YSLM, a company owned by a Chinese national, Zhang Jian, 26, who claims to be the future richest man in the world, to be an illegal company.
KPDNKK secretary-general Datuk Seri Alias Ahmad said initial investigations showed the company owner came to Malaysia and set up a get-rich-quick pyramid scam through the company.
“It was found the company was not registered with the Malaysian Registrar of Companies (SSM) and does not have a licence from KPDNKK to conduct multi-level marketing.
“Therefore the company is illegal as it was not formed according to the law,” he told reporters after a breaking of fast function at Kampung Galau Kariah mosque, Seri Menanti, near here, last night.
He said the company was found to be carrying out on-line business and the company claimed investors had only to invest as little as RM300 for them to receive a return of between RM2,700 to RM6,000 a month without having to work.
“This is the offer by the company. So from the information gathered, approximately RM300 million had been collected under the scheme so far. We started receiving complaints from victims two months ago, and we believe the company started operations early this year.
“To date, there are two cases in Selangor and we started investigation on Feb 7, this year. One of the cases is almost completed and the Attorney-General has asked us to take a statement from some witnesses. I cannot reveal further information as it is still under investigation.
“So yesterday, we searched the office premises in Puchong, Selangor and another one at its Penang premises. At the office, we found the company was not registered under YSLM but under another company, CDTUP. — Bernama