A couple from Muar lost RM200,000 to a sweet-talking old news paper collector in a ‘copper’ investment scam here.
Liew Fook San, 50, and his wife, Ling Pei Ling, 40, said they were conned in a high return ‘copper’ investment business.
They got to know the 42 year old man when he used to come by to their residence to buy old newspapers in Bandar Baru Permas Jaya.
The man introduced the ‘copper investment business’ to us with a promise of high return which we eventually participated which was in 2009.
He said that the man pitched to us that we can invest in buying the copper at RM19 per kilogram and told us the price of copper is projected to increase to RM30 per kilogram when we resell it.
Liew said that they first invested RM1,000 sometime in August 2009 and subsequently paying of deposit amounting to RM48,000 and another payment of RM26,700 was made to the man in January, this year.
Just before the Chinese new year in Feb., this year, the man handed to us RM55,600 and claimed that its was our profit.
“Our suspicion were aroused when the man promised to pay us a total sum of RM75,200 but instead paid us only RM55,600, a shortfall of RM20,600”, he said.
Liew was speaking in a press conference held in the office of Michael Tay, the Johor Bahru MCA public complaint bureau deputy head here yesterday.
Overall, we have invested RM143,850. he added.
Micheal said he has contacted the man and ask him to return the balance amount by early week of April.
He advised the public not to be taken in by promises of quick and lucrative investment return and adding further by saying that there is no shortcut to riches in this world.