Kuching couple loses RM400,000 to re-investment scam

KUCHING (Nov 28): A couple here reported losses amounting to RM400,000 to a re-investment fund, which was later found to be non-existent.

Stampin MP and Democratic Action Party (DAP) Sarawak chairman Chong Chieng Jen said the lost fund was the couple’s savings in the Amanah Saham Bumiputera (ASB), earmarked for their children’s future tertiary education.

He said the couple was introduced to a financial product about two months ago, and subsequently, met a woman claiming that she was a staff member of Bank Simpanan Nasional (BSN) for further clarification.

“After that, the couple agreed to withdraw their ASB savings and reinvest them into ‘BSN Takaful Makmur’,” said Chong in a statement issued after meeting the couple prior to the day’s State Legislative Assembly (DUN) sitting.

He said the couple was issued what appeared to be official receipts, acknowledging an investment of RM200,000 each.

The funds were transferred directly from the husband’s ASB account and his wife’s BSN savings account, with the entire process being handled at the counter by the BSN staff.

“At no point did they handle the money themselves. All transactions were done at the BSN branch.”

However, their concerns were raised recently when they learned that the officer involved had been suspended over issues related to the same product.

“They then immediately checked with BSN, only to be told that no such account existed under their names, and no funds had ever been deposited,” said Chong.

The couple had lodged a police report and filed a formal dispute with BSN over the missing RM400,000.

Chong said he and his special assistant Michael Kong would assist the couple in pursuing the case, stressing that BSN must be held accountable.

“This is a matter that goes to the very fundamental integrity and accountability of a financial institution and public confidence in our banking system,” stressed Chong, adding that apart from a police probe, the matter would be raised with the Ministry of Finance and Bank Negara Malaysia for further action and investigation.

“We also urge BSN to promptly compensate the couple with the full amount of the funds wrongfully taken from them by the BSN staff,” said Chong.