Dec 4, 2012

Malaysia - Beware of Nanning Ponzi scheme

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PEOPLE who receive an invitation to invest in the Nanning-Asean Economic Development Zone, beware. It may be a Ponzi scheme, Sin Chew Daily reported.

The paper said a syndicate had been involved in the scam, in which potential investors are offered luxury trips to visit the area and other investment opportunities.

The syndicate would ask the investors to cough up 69,800 yuan (RM35,000) and they would be able to receive returns of about RM5.2mil within three years.

Some investors were asked to invest RM120,000 so they could be promoted to “manager” level.
The syndicate would tell investors to keep a low profile, while potential investors with political backgrounds or those connected to the underworld would be rejected.

Sources told the daily that many victims, mostly from Johor Baru, Kulai, Kluang and Batu Pahat, have been conned by the syndicate.

Malaysia-China Chamber of Commerce president Datuk Bong Hon Liong said he had never heard of the scheme and no complaint had been received on the matter so far.

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