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The Star

For more than three years, the numbers on their screens told a convincing story.
Steady gains, smooth withdrawals and returns of up to 5 per cent every fortnight.
Encouraged by the early outcome, many doubled down, pumping in more of their hard-earned savings into a scheme they thought was the answer to luxury and a comfy retirement.
Then, almost overnight, the kill switch was flicked and they lost it all to a scheme that swindled ­victims across the globe of close to 100 billion ringgit (US$25 billion).
On Tuesday, more than 300 ­foreign nationals arrived in Malaysia to seek justice after allegedly losing more than 8 billion ringgit to a fraudulent online investment scheme believed to be run by a Penang-based Malaysian, their lawyer Andy Yeoh said.
The victims, mostly small-time businessmen and salaried employees, consisted largely of mainland Chinese nationals along with ­others from Taiwan, South Korea, Thailand and Vietnam.
Yeoh said the victims first came across the scheme known as “High Inspirations” on a popular online platform in 2018 when it began operations.
He said over the next four years, the victims channelled funds into the scheme after being persuaded by the alleged Malaysian mastermind that they could earn returns of up to 5 per cent monthly.


“In the early stages, the returns matched their investments. They were even able to cash out profits. But from September 2021 onwards, the facade began to crumble,” Yeoh told a press conference at his law firm in Kuala Lumpur on Wednesday.
“The scheme’s website started experiencing disruptions before eventually disabling withdrawals altogether. The victims were unable to make withdrawals but the website remained active until it was deactivated last year,” he said.
“About 300 of our clients alone who were left in the lurch lost roughly 8 billion ringgit. Authorities in China have classified it as a pyramid scheme.”
According to records on the website, he added, there were about 970,000 account holders of various nationalities worldwide involving between 500,000 and 600,000 individuals who had ­parted with funds amounting to more than 93 billion ringgit.
Yeoh said that police reports were lodged on Wednesday by seven of the foreign victims who collectively lost about 24 million ringgit.
Yeoh said the alleged individual behind the scheme was traced to Penang.
“We sent him a legal notice demanding that he return the funds to the victims,” he said.
“However, in his reply, he denied any involvement in the scheme and claimed to be ­unaware of it. We also learned that he is a person of interest in a separate police case involving money laundering.”
Yeoh added that the scheme has since been blacklisted by Bank Negara Malaysia in its financial consumer alert list.
This story was first published by The Star


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Southeast Asia

More than 300 ­foreign nationals flock to Malaysia in pursuit of justice over the ‘High Inspirations’ scam


More than 300 ­foreign nationals flock to Malaysia in pursuit of justice over the ‘High Inspirations’ scam.


Hundreds left broke after alleged Malaysian scammer vanishes with US$25 billion

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}More than 300 ­foreign nationals flock to Malaysia in pursuit of justice over the ‘High Inspirations’ scam

More than 300 foreign nationals flock to Malaysia in pursuit of justice over the ‘High Inspirations’ scam