MORE Malaysians have fallen prey to yet another scam! Falsely misrepresenting themselves as Brunei Investment Agency 1983, the Ponzi scheme has destroyed families with estimated losses in millions of ringgit.

Ironically when one does a company check under Companies Commission (SSM) their business registration number is under BIA 1983 Resources. It comes to no surprise if uninformed investors would be tricked into it. The question is how could SSM allow the company to be registered closely similar to an existing foreign entity?

Sharing an acronym is enough to confuse and mislead people, although it should not serve as an excuse as investors must always request for the company prospectus beforehand. Notwithstanding that, they managed to open a bank account under a ‘fraudulent’ company name. Are banks more lenient now to attract businesses?

Our current economic situation has left many in dire straits and more are willing to risk their life savings…

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