For various reasons, making money grow is an important part of life for many people. With knowledge on how challenging it can be to deal with unscrupulous operators of illegal schemes, it is imperative for any investor to do thorough checks before putting their money anywhere. There are two relatively easy ways you can do this:. In fact, Royal Gold had been on the list since - the same year the company was incorporated.
If you're putting your money into a company that's promising substantial returns, you should ensure that it is well-managed, with substantial capital to begin with. But most importantly, you should also be extra careful when someone is offering incredible returns that even the best financial managers in the world would not be able to achieve e. As the saying goes, if it sounds too good to be true, it probably is.
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Neither Asklegal nor Parbiz guarantees a successful resolution to your case. Contract If you lost money in a pyramid scheme in Malaysia, can you get your money back? This article is for general informational purposes only and is not meant to be used or construed as legal advice in any manner whatsoever. Are the investors doing the right thing by not going to the police?
Is there any way to get their money back from operators of these pyramid schemes? Is it a crime to invest in a pyramid scheme?
JJPTR wasn’t hacked, never did forex trading, most of the money’s already gone
In order to answer these questions, we first need to establish the fact that Pyramid schemes are illegal Image from Computerknacks. Section 27B of the Direct Sales and Anti-Pyramid Scheme states: 1 No person shall promote or cause to be promoted a pyramid scheme. Are investors in pyramid schemes participating in an "illegal activity"? In cautioning the public against unlicensed forex trading schemes, Bank Negara has listed down some consequences of dealing with unregulated entities or persons : 1. To get a better understanding of this, we consulted Nizam Bashir, a lawyer experienced in litigation cases involving, amongst others, fraud and conspiracy: I am not sure about the veracity of item 1.
Nevertheless, I am prepared to concede that pursuant to Section 2 2 g of the Consumer Protection Act , the Act does not apply to trade transactions effected by electronic means. As for item 2, the statement appears to be somewhat misleading. Co-organisers and their employees can be charged. Conversely, Section 27B of the Direct Sales and Anti-Pyramid Scheme states that "no person shall promote or cause to be promoted a pyramid scheme.
Recovering the money through contract law Image from JJPTR Bank Negara has outlined how illegal forex trading schemes are typically conducted : Investors are also required to sign a business contract which is normally entered between the investors and a principal company overseas. In most instances, the operators will inform the investors that they will have to send these contracts to its principal company overseas for signing. However, such contracts are usually left unsigned.
As such, in the event the investors are unhappy with future dealings and transactions, no action can be taken against the company as there is no binding contract between them. Under Section 24 of the Contracts Act in part : "The consideration or object of an agreement is lawful, unless — a it is forbidden by a law; b it is of such a nature that, if permitted, it would defeat any law This is stated in Section 66 of the Contracts Act : "When an agreement is discovered to be void, or when a contract becomes void, any person who has received any advantage under the agreement or contract is bound to restore it, or to make compensation for it, to the person from whom he received it.
Make a police report, let the authorities investigate Image from The Malay Mail Online Many investors are reluctant to make a police report out of fear that they would not be able to get their money back if the authorities take action and freeze the scheme operator's accounts. See a lawyer, commence legal action.
This process can be outlined as follows: Step 1 : File a police report. Even I could whip up a pretty legitimate-looking flyer right now if I wanted to, just using Microsoft PowerPoint and some logos. Investments cannot guarantee any returns. Ask lots and lots of questions. In fact, bring in other people to look over your correspondences and get them to help think of questions too. Run far away.
And do dig a little deeper on this because some of these scammers have wisened up to this and taken over the first couple of searches with positive websites or articles. At least go a few pages into a Google search of their name before giving any money. No matter in what form these scams come to you, when it comes to money, make sure you research the company and be extra careful.
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Beware money games: If it’s too good to be true, it isn’t | Free Malaysia Today (FMT)
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