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Finance Minister Anwar Ibrahim has alleged that the government pension fund KWAP fell victim to deliberate fraud in a RM200 million investment in eFishery, with company management accused of intentionally manipulating financial statements.
Malaysia's Retirement Fund (KWAP) is actively working to recover RM163.4 million invested in eFishery after the Indonesian aquaculture platform became embroiled in a major fraud scandal affecting multiple investors across the region.
Prime Minister Anwar Ibrahim will address parliamentary concerns over Malaysia's retirement fund KWAP's RM163.4 million loss in Indonesian aquaculture company eFishery, attributed to deliberate fraud and falsified financial statements.
KWAP says it is actively pursuing all options to recover its RM163.4 million investment in eFishery after discovering the Indonesian aquaculture startup engaged in deliberate financial fraud and misrepresentation.
A 47-year-old Singapore man convicted of bribery in June now faces more than 100 additional charges related to investment fraud schemes worth over S$50 million, involving forged documents and unauthorized securities offerings.
Malaysian police have broken up a perfume investment scam operation, arresting six suspects during a raid at KL Eco City. The crackdown highlights growing investment fraud targeting retail investors across the region.
Investment company QEW has denied allegations of fraudulent conduct in relation to a RM20.45m scheme, maintaining that the 111 plaintiffs who initiated legal action were cognisant of associated investment risks from the outset.
More than 100 victims of investment fraud gathered in Kuala Lumpur today, calling on police to accelerate investigations into 18 companies suspected of running syndicated scams across multiple platforms.
A group of 111 investors has taken legal action at the High Court against QEW Group and its directors, seeking recovery of RM20.5 million in investment capital that was not returned as promised.