By TK Chua
I read yet again about another group of people in Penang who were cheated after engaging in forex trading promising high returns. I read too that JJPTR is making a comeback with a “new scheme” which promises enticing returns to investors as well.
I wonder if the cheating will ever end. There must be limits to the stupidity at some point among Malaysians. In this regard, I urge the politicians, particularly those from the opposition, not to be “heroes” in championing the plight of those who have been cheated.
It is about time that those who are cheated are taught a lesson on investments, instead of being given more sympathy. I believe there were sufficient warnings and occurrences in the past to alert them of this scourge.
There is no bona fide investment with 20% return per month. I think even a country bumpkin would know that by now.
I maintain that people attracted to devious and dubious investment schemes are not simpletons. They knowingly go in, thinking that they are savvier than others. That is why many of them are reluctant to make police reports whenever a scheme goes awry. They believe the “opaque way” from the very beginning.
We could blame the authorities for not being vigilant. But there are limits to their ability to monitor all schemes and scams in the country, especially as many investors (I shall call them gamblers?) are willing participants.
Let’s be realistic: so far, once the money is lost, the authorities have almost zero means to recover it from the swindlers. Why then are we always looking to the authorities to protect or help us each time we get into this trouble?
I think it is time to think and act “caveat emptor”. We owe it to ourselves to perform at least some due diligence before investing our hard-earned savings.
It is pointless to know that a scheme is on the “alert list” of Bank Negara Malaysia after we have invested our money. Investing in a scheme promising 20% returns per month and expecting no risk is extremely foolish thinking. Investing without knowing what we are investing in is gambling.
TK Chua is an FMT reader
The views expressed are those of the authors and do not necessarily reflect those of FMT.