Investors cry scam after dividends stopped and website taken down

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MIRI: A 42-year-old teacher lodged a police report yesterday after seven of his family members claimed they had been cheated of US$30,000 in a foreign investment scheme introduced by a family friend in October last year.

The suspect who claimed to be an agent of the company had approached the victim and introduced an investment programme in an agarwood based company that promised 30 per cent dividend to the victim.

The victim took the agent to meet his family members, and his father and mother-in-law and five other family members decided to invest in the company.

They were promised dividends for three years: 1.5 per cent for the first to fourth month, 2.5 per cent (fifth to eight month) and 3.5 per cent (ninth to 12 month).

The agent also promised that the company would return their capital after three years.

The victims received dividend from the company through the website in February and March this year, but the payment stopped after April.

The company’s website had been taken down.

The victim lodged a police report on behalf of his family yesterday.

Police are investigating.