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Investment holiday scheme turns out to be a scam

Recalling his experience before making the investment, Razak said he was attracted to the holiday investment scheme after his friend introduced him to it. — AFP pic
Recalling his experience before making the investment, Razak said he was attracted to the holiday investment scheme after his friend introduced him to it. — AFP pic

SEREMBAN, Dec 27 — The dream of enjoying an affordable, even almost-free, holiday is just an illusion when investments made for the service amount to naught.

Sharing his bitter experience, a 63-year-old private sector retiree, who only wanted to be known as ‘Razak’, said he invested in a holiday investment scheme 13 years ago using part of his contribution in the Employees Provident Fund (EPF).

He said the company had since ceased operation and he was informed that part of his investment would be returned by the company but he was not told when the reimbursement would be made.

“I understand that they (the company) are currently arranging for the repayment of investments made by investors as the company is now dissolved. But since I was informed about it last year, they were non-committal after I asked them when the payment would be made.

“Although my investment did not reach tens of thousands of ringgit, I am still an aggrieved party because I did not get what was promised to me,” he said when approached by Bernama.

Recalling his experience before making the investment, Razak said he was attracted to the holiday investment scheme after his friend introduced him to it.

He said it was probably because he was so excited about taking his family for a holiday and drawn by the attractive offers made via the investment scheme, he succumbed to the sweet promises made by the company.

“At first I was promised that my family and I could use the facilities available at their suites in Kuala Lumpur, such as the swimming pool, gym and other facilities, for free. Also, a one-night stay at the suite was free of charge.

“I was also informed that the company has resorts in several other states, including Negri Sembilan, and abroad ... and that I can stay at their resorts for free,” he said.

However, Razak said, year after year he could only take his family to the company’s suites in Kuala Lumpur and could only use the facilities but not put up for the night.

“Once I managed to spend the night at a suite with my family, but the process of obtaining the accommodation was a bit difficult as there were no vacant rooms each time I wanted to make a booking. Likewise, their resorts elsewhere never had vacant rooms each time I wanted to make a booking.

“This went on despite my paying the maintenance fee each month. Finally, I grew tired of making any more room reservations. I also don’t visit their suites in Kuala Lumpur anymore. I felt cheated,” he said.

Razak said he received a letter from the company at the end of last year saying that it had been dissolved and that they would return about 70 per cent of his total investment.

“As I am not a wealthy man, I indeed look forward to getting back the money because the investment was truly a futile exercise,” he said. — Bernama

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