Another Money Game Operator Gets Pounded

Another Money Game Operator Gets Pounded - Another money game operator could be in dire straits as a result of heavy losses in forex trading.

A loyal supporter, who wanted to be known only as Jack, said the Penang-based company took a bad hit after the pound dived following the shocking British election results on Friday.

“Two of our top fund managers suffered about 95% losses this week to the tune of several hundred million ringgit. This is a huge blow to the company,” he said yesterday.

Although his upline had told him to wait for further announcements from the company, Jack was not convinced the mess could be sorted out that easily.

“Things sure don’t look good. I have about RM50,000 in the scheme since two years ago,” he said.

The company, which was started in 2012, has the largest base in Malaysia at 55%, followed by China at 19%.

Other depositors come from countries like Indonesia, the Philippines, Singapore, Cambodia, Australia, Hong Kong and Brunei.

The minimum investment is US$100 (RM420) with the promise of a passive monthly return of between 10% and 30%. Members can earn a 5% referral commission on funds invested by their recruits, opt for pips rebate or profit sharing.

A 51-year-old businesswoman from Tanjong Bungah said she invested about RM220,000 in the scheme last year.

“I started with RM50,000 last January and topped up the amount gradually,” she said.

Early this year, the company announced on its website that it was in partnership with English Premier League club, West Bromwich Albion FC, she said.

“It has been around for five years and was doing so well before this.

“Many people, including a lot of my friends, will get burnt if the company goes bust,” she said.

This is a potential fourth setback in money game schemes for her after JJPTR, Richway Global Venture and CYL collapsed one by one.

“The companies collapsed in just less than two months. It’s like a chain reaction,” she said.

Self-employed S.G. Tan, 36, said he is keeping his fingers crossed that everything would be fine.

He first invested US$1,000 (RM4,200) in January, and earned US$300 (RM1,260) by March.

It was then that he topped up another US$1,000.

“The scheme looks convincing. We can even set our limit of investment losses by percentage.

“For example, if your investment is RM4,200 and you set 30% as the limit, then the most you stand to lose is only RM1,260.

“And the fund managers did really well, until recently when the losses came up to about 90%.

“I just hope we do not have to bear the losses.

“Just pay us the balance based on the limit of losses that we set,” he said.