The judgment was handed down in a suit brought by 15 individuals for the recovery of their investments.

The suit named Goh, i-Serve Online Mall, Bright Moon Venture PLT, Trillion Cove Holdings Bhd, and QA Smart Partnership PL as defendants.

In the suit filed two years ago, the plaintiffs alleged that the companies had initially made regular monthly payments to them but defaulted between November 2021 and June 2022, despite receiving letters of demand from their solicitors.

Plaintiffs’ counsel Sachpreetraj Singh Sohanpal told FMT that Justice Leong Wai Hong, in his ruling, pierced the corporate veil to hold Goh personally liable for fraud.

He said the judge found that Goh was the mastermind behind the scheme, and had insisted during a Nov 16, 2022 webinar that “all operations were legitimate”.

Leong noted that Goh had failed to disclose that his companies had been compounded for accepting deposits without a licence, in violation of the Financial Services Act.

The court also observed that the defendants had chosen not to challenge the testimonies of the plaintiffs’ witnesses.

The plaintiffs were also represented by lawyers Rajesh Nagarajan and Amanda Sonia Mathew.

Mathew told FMT the High Court’s decision was met with relief and joy by the plaintiffs, many of whom had endured hardship due to the fraudulent scheme.

She said the ruling sends a clear message that perpetrators of scams and fraudulent conduct will be held accountable.

“We trust this decision will also serve as a deterrent and a reminder of the importance of upholding the rule of law and protecting members of the public from such unlawful practices and activities,” she added.

The defendants were represented by lawyer Tina Ann Francis.