Abstract：Amidst Malaysia's commercial landscape, it's been discovered that 115 reports show a big loss of RM118.6 million due to the i-Serve scheme, revealing how things went wrong.
In the heart of Malaysia's commercial landscape, a tale of deceit and financial manipulation unfolded, leaving a trail of disillusioned investors and shattered dreams. The I-Serve scam, a Ponzi scheme that preyed on the aspirations of ordinary Malaysians, stands as a stark reminder of the perils of unregulated investment schemes.
I-Serve Online Mall Sdn Bhd, the company at the helm of this fraudulent enterprise, presented itself as a legitimate e-commerce platform, promising lucrative returns to those who invested in its various schemes. With its seemingly credible website and promises of high yields, I-Serve managed to attract a significant number of investors, eager to capitalize on the growing digital economy.
I-Serve's modus operandi revolved around classic Ponzi scheme tactics. Investors were enticed by the prospect of earning substantial returns with minimal effort. The company offered a range of investment packages, each promising higher returns for larger deposits. To further fuel investor confidence, I-Serve paid out initial dividends, creating a sense of legitimacy and encouraging more investments.
As the number of investors grew, so did the scale of the fraudulent operation. However, the unsustainable nature of the Ponzi scheme eventually caught up with I-Serve. The company's inability to maintain its promised returns raised suspicions among investors, and doubts began to surface.
In November 2023, a series of police reports, totalling 115, were filed, citing a substantial loss amounting to RM118.6 million connected to the i-Serve investment scheme.
This investment venture has direct ties to one of the co-founders of MYAirline, creating a complex web of financial involvement.
Comm Datuk Seri Ramli Mohamed Yoosuf, the director of Bukit Aman's Commercial Crime Investigation Department (CCID), confirmed an ongoing investigation into these matters.
Ten individuals have been apprehended thus far, marking progress in the case. Comm Datuk Seri Ramli highlighted the varied methods being utilized, notably forensic accounting, as integral to the investigation's progress. This statement was made during a press conference held at the CCID headquarters on Nov 20.
The scrutiny surrounding MYAirlines co-founder has extended following the prior debacle, now encompassing substantial financial losses linked to an investment scheme associated with the individual.
An additional investigation dossier has been initiated against Datuk Allan Goh subsequent to the reception of multiple police reports specifically addressing the outlined scheme.
Comm Ramli reiterated the legal stance, specifying that the investigation aligns with Section 420 of the Penal Code, a provision addressing cases of fraud. He underscored that the reports originated from individuals who had invested in i-Serve.
Previously, Goh, along with seven other individuals including the company's legal counsel and shareholders, had been remanded to aid investigations following the provisions of the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act 2001.
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