PETALING JAYA: Loh Kong Ken, a visually impaired retiree at the age of 62, has always aimed to have enough savings to ensure financial independence in his golden years. After retiring in late 2020, Loh realized that relying solely on his Employees Provident Fund (EPF) savings would not be enough to keep up with the rising cost of living. Intrigued by the possibility of higher returns, Loh decided to invest in Cooper Markets, an investment fund that allegedly offered returns between 6% and 8% per month.
After conducting six months of research, Loh withdrew RM100,000 from his savings and joined the scheme. Impressed by the lucrative returns, Loh encouraged his wife, who is 58 years old, to invest as well. She used her EPF savings to match her husband’s investment amount. The couple planned to double their funds within a year and then withdraw all the money.
Tragedy struck in June 2021, just six months after investing, when the couple discovered that the balance of their funds had turned negative. Loh described this as the fund operators pulling the “kill switch.” Despite numerous attempts to contact the fund operators, their calls and inquiries went unanswered.
Loh is one of 30 individuals, mostly visually impaired and over the age of 55, who collectively lost about RM1.5 million in this scam. The fund, CP Markets (Cooper Markets) Malaysia, appeared on the Securities Commission’s Investor Alert List in January 2021, warning the public against investing with unlicensed or unapproved companies.
Mohd Moktar Soon, a retired telephonist aged 68, also fell victim to the scam. Despite initial skepticism, Soon invested RM85,000 in the fund. He sold his house and used a large portion of the money for the investment. When he realized it was a scam, it was already too late.
Another victim, Ng, a 58-year-old masseur, lost RM25,000. He was the first to invest in the fund and introduced it to others. The scheme gained credibility through name-dropping, with promoters claiming that it was headed by VVIPs and bigwigs in the investment industry.
Although several victims filed police reports, they chose not to pursue the case due to the difficulty of traveling to unfamiliar places to have their statements recorded. The blind victims explained to the police the challenges they faced and were unable to proceed further.
Credit: The Star : News Feed
