KUALA LUMPUR: Money game company Maxim Trader has gone bust, leaving thousands of investors in the lurch.
Billions of ringgit is said to have been invested in the scheme that was started in 2013 by a Datuk Seri and two Datuks.
The Sun reported that although several investors had made reports with the police and Bank Negara Malaysia, there had been no full-scale probe by the authorities on Maxim Trader.
The authorities have recently been going after money game firms such as JJPTR, seizing or freezing millions of ringgit, following reports by investors that they had not received the promised payments.
It was recently reported that there are more than 40 money game operators in Malaysia.
The daily reported that some investors had, in recent months, sought to meet the top people and administrators of the scheme to get back their money, but to no avail.
It also quoted insiders at the Malaysian-owned company as saying that more than 90% of the funds were “gone” and that the company was declared defunct in 2015.
A source was quoted as saying: “Tens of million in funds were frozen by the authorities of Taiwan, Korea, Japan and parts of China when they began a probe into the company following complaints from some investors.
“The funds were parked in these countries. Then more funds were lost to grand marketing exercises and roadshows to promote the scheme here and overseas.”
Maxim Trader, which was red-flagged by Bank Negara, has over 50,000 investors in countries such as Malaysia, Japan, China, South Korea, Taiwan, Hong Kong, Australia and Singapore, according to the report.
It is said to have amassed more than RM20 billion in funds.
The Sun quoted businessman Abdul Rahman Abdullah, 65, as saying he had invested RM360,000 in the company.
He recently met a former senior official of the scheme’s administration who, confirming that Maxim Trader was defunct, said there was yet another plan to revive the company and assist its investors to recoup their losses.
“I was told that the most recent plan is to public-list a company in the China stock market and shares will be given to the investors.”
He said he was fed-up and was not buying into the latest promise. He is seeking a full refund.
“They made me an offer of a partial refund but I want my money in full. I will soon embark on a ‘roadshow’ to meet all affected investors in all the countries Maxim Trader had ventured into to seek justice. We will work towards recovering our funds by all means” he was quoted as saying.
Alan Tan, an accountant who invested more than RM1.5 million in the scheme, told The Sun that he intended to join Abdul Rahman in trying to gather affected investors to get their money back.
The Sun quoted the insiders as saying Maxim Trader had been registered in the Seychelles.
It also quoted them as saying: “The wisest move the investors can resort to is to seek those who introduced the scheme to them – the recruitment agents – and demand for their money through legal means.
“These upline agents made a lot of money and became millionaires by recruiting investors. Perhaps they can recover part of their investments if they sue for misleading them.
“Then there are also assets such as a large tract of land in Genting Highlands acquired by Maxim Trader. To whom will these assets go to since the company has gone bust?”