Selangor Journal
Malaysian International Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim (front row, centre) with protestors over the the alleged investment fraud by the company Zuttelo and on e-rewards, at the National Anti-Financial Crime Centre in Putrajaya, on May 3, 2023. — Picture by BERNAMA

Investment scam: MHO urges NFCC to coordinate efforts, reopen probe into fraud

PUTRAJAYA, May 3 — The Malaysian International Humanitarian Organisation (MHO) has urged the National Anti-Financial Crime Centre (NFCC) to coordinate the efforts of enforcement agencies, including the police, to reopen investigations into two local investment companies suspected of fraud.

Speaking to the media after submitting a complaint and appeal to the NFCC here today, MHO secretary-general Datuk Hishamuddin Hashim said the investigation into the companies that were involved in the Zuttelo investment scheme and e-rewards had been classified as no further action (NFA) and refer to other agency (RLA) by the police.

“The NFCC can assist in terms of coordination and working together with the investigation agencies. What we want is a (re)investigation and court prosecution,” he said, adding that MHO can provide credible witnesses for the investigation.

Hishamuddin said the companies involved should be investigated under Section 415 and Section 420 of the Penal Code.

He claimed that over 200 victims have been duped by the Zuttelo investment scheme, involving losses of millions of ringgit.

Sometime in October 2020, under the Zuttelo investment scheme, investors were promised dividend returns or interest in Malaysian ringgit on a monthly basis, and the company claimed the investors’ capital and returns were protected by insurance firms.

According to him, initially, the investors received dividends or interest in the form of Malaysian Ringgit but in Dec 2021, they were informed that dividends or interest would no longer be paid in Malaysian ringgit but in the form of Bitcoin.

On August 15, 2022, the company’s system or website could not be accessed because it was under maintenance and on September 5, 2022, investors found that the capital and investment in their account had been transferred to another account which was unknown and could not be accessed by them.

Meanwhile, on the e-rewards, Hishammudin said the company had deceived over 100 individuals and resulting in losses of millions of ringgit.

He said the victims had downloaded an online service application that provides online rewards and among the services are goods delivery, online shopping and digital advertising.

Hishamuddin added the application promised a subsidy voucher (SV) reward for every purchase of a quin voucher (QV) made during the promotional period and also for every expenditure that uses the said QV and SV, and the problem began in January 2022 when part of the QV funds could not be transferred to their bank accounts.

— Bernama


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