Be Carefull With Swiftlet Farming Scam !!!!

This newspaper cutting came from Malay Mail newspaper dated July 8th 2011 and found at: http://www.mmail.com.my/content/77275-governed-greed

Governed by greed
KL: Fools rush in (July 7)
Friday, July 8th, 2011 10:42:00

ALBERT EINSTEIN was right when he said three great forces rule the world: stupidity, fear and greed. It is really baffling that despite so many warnings issued by the police, banks and the government, there are still people gullible enough to fall for tricks like these telephony and SMS competition scams.

What actually was running through the minds of these 'victims' when they answered that call, or SMS, from an unknown source?

I guess when it comes to money, logic does not exist anymore and is taken over by these three great forces. Many of us may still remember a few years ago the Swiss-cash investment scheme which took Malaysia by storm. Almost everybody was in it and almost everybody got the short end of the stick from it.

Initially, the payment was good and this encouraged more people to sign up until the government put a stop to it.

Some say it is nearly over now but there are still many similar (read: copycats) and smaller ones that are still running.

Nowadays, there are all sorts of scams going around, from swiftlet farming and arowana breeding to water depensing machines.

There is just no end to the creativity of these scam artistes.

The saddest part of all is that it is the senior citizens and people with low incomes who are often easy targets to these people. I have a few friends who fell victims to these scams and parted with quite a hefty amount of cash.

Nowadays, having learned my lessons from them, I avoid all sorts of attempts from people trying to make me part with my money.

My friends (the victims) are now more wary and prefer the conventional ways of making money; savings, unit trusts, properties, etc. Surely, it will take longer to enjoy the returns but we believe it is worth it.

My advice is simple: if the offer is too good to be true, then it usually is. If you decide to consider the offer, ask someone you trust for a second opinion before you sign up. Also, have common sense. If you have never signed up for any competition, then how on earth can you win anything?

Suarez.



The author is right about "if the offer is too good to be true" you need to be very careful about them.

I remember reading this articles:

THE Companies Commission of Malaysia (CCM) has obtained the High Court order to stop an investment scheme by a bird's nest company, Golden Nest Properties International Bhd.

Golden Nest was found to be promoting a swiftlet farming scheme to the public since November 2008, where investors were promised a fixed return from the sale of bird's nest production.

CCM said Golden Nest cannot continue its operation, since it did not meet certain rules under the Companies Act, including registering the deed of trust with the commission. The court order will bar the Golden Nest scheme from being continued by anyone, whether the company itself, its staff and agents, or any entity instructed by it.

"The public are advised to be careful when offered to invest in any schemes that are not registered with any of the regulatory bodies in Malaysia," CCM said in a press statement yesterday. "The risk is high because you and the monies you invested are not protected by the law if the entity is not registered."

The public can channel information and complaints on investment schemes to the Complaints Section, Companies Commission of Malaysia, Level 28, Menara SSM@Sentral, 50470, Kuala Lumpur.

Later date:

Golden Nest owner charged
By Rita Jong
news@nst.com.my
2011/07/02

SHAH ALAM: The owner of Golden Nest Properties International (M) Berhad was slapped with 29 counts of organising an unlicensed scheme and money laundering amounting to almost RM1 million.
Datuk Wong Sen Chiew, 55, was charged at the Sessions court yesterday with organising a "bird nest cultivation" scheme where he collected investments from the public by promising them guaranteed returns.

He was alleged to have committed the offence at Unit A-19-1, 1st Floor, Block A, Jaya One at No 72A, Jalan Universiti in Petaling Jaya between Nov 28, 2008 and Oct 1, 2009.

He is liable to a maximum of seven years' jail or a fine not exceeding RM30,000, or both, for the charge under the Companies Act, 1965.

Wong was also charged with another 28 counts of money laundering amounting to RM975,580.61, which he allegedly used to buy shares and pay commissions to companies.

He was alleged to have committed the offence at his office and several banks including AmBank (M) Berhad, Public Bank Berhad and CIMB Bank Berhad, between Dec 2, 2008 and Oct 1, 2009.

He was charged under the Anti-Money Laundering and Anti-Terrorism Financing Act 2001, where he faces a maximum five years' imprisonment or RM5 million fine, or both, upon conviction.

DPP Mohd Haziq Razali proposed bail at RM200,000 with one surety.

Counsel S. Prakash, pleaded for a lower bail saying that Wong was also charged last year but he had not absconded.

Judge Aslam Zainuddin granted Wong bail at RM150,000 with one surety and fixed Aug 4 for mention.