KULIM: Some 3,000 people all over the country could have been cheated out of more than RM30mil by a company promising them yearly returns of more than 100% in a earthworm farming project to produce organic fertilisers.
More than 200 investors from the northern part of the country staged a peaceful demonstration outside the company premises in Jalan Lunas here yesterday, claiming that some 3,000 people were involved in the scheme.
The company had closed down last week after it purportedly failed to pay the rent, which came up to about RM10,000.
Investor Shahibul Hidaya Haliman, 56, from Sungai Dua, Penang, said he had put in RM5,000 in August after being promised a monthly return of RM833.80 for a year.
"I went back to the company after the returns were not banked in as promised. They told me that there were some problems but assured me the money would be banked in soon. Until now, I have not received anything," he said.
K. Jayakumar, 42, said he had gone to the company in June last year with a group of friends and invested a total of RM500,000.
"I managed to get back about 30% of my investment while some of my friends did not get anything. I also received a RM11,000 cheque which bounced," he said.
Retired headmaster Omar Ismail, 58, said he had invested RM100,000 between August and October, and although the returns were initially deposited into his bank account, this had stopped last month.
Meanwhile, two directors of Millenium Agrotec (M) Sdn Bhd, which was supposedly carrying out the earthworm farming on behalf of the company, Abdul Kader Omar and Mohd Faizal Mohd Noor said they had lodged police reports that their company's letterhead had been used to collect investments.
-The Star/Asia News Network