KUALA LUMPUR: The race for economic wellbeing is a major factor for the people falling into get-rich-quick schemes in the country.
Despite the ridiculous offers of returns, the desire for riches blinded many into becoming victims of frauds.
Universiti Malaya (UM) psychiatric consultant Dr Muhammad Muhsin Ahmad Zahari said many victims of such schemes unfortunately were worsened off ‘like jumping from the frying pan into the fire’ and had to bear losses running into thousands of ringgit.
“Some victims even have to mortage their properties to get them out of the quandary,” he told Bernama.
Early this year, the country saw a get-rich-quick scheme under YSLM founded by a Chinese national, Zhang Jian who claimed himself as the future richest man in the world starting its operation in Malaysia.
However, the Domestic Trade, Cooperatives and Consumerism Ministry found the scheme to be illegal as the company was not registered with the Companies Commission of Malaysia (SSM) and did not hold a direct sale licence from the ministry.
It was estimated about 10,000 individuals suffered losses amounting to RM20 million from the scheme.
Muhammad Muhsin said the people should be aware that there was no easy way to instant riches.
Concurring with Muhammad Muhsin was former Universiti Islam Antarabangsa Malaysia (UIAM) pyschology lecturer, Dr Meriam Omar Din who said the lack of understanding on investments might have caused members of the community to believe in get-rich-quick schemes.
“Most individuals who fell victims were unaware of the mathematics of the business and only relied on the testimonies of others,” she said.
However, she said not understanding the business model was not an excuse for allowing themselves to be misled as they could refer to the authorities such Bank Negara Malaysia before joining the scheme. — Bernama