SINGAPORE - A group of Malaysians who claimed they were scammed by a Singapore company crossed the Causeway to lodge a police report on Sunday (July 4) afternoon.
The 24 Malaysians, many from Johor and Malacca, made a police report at the Police Cantonment Complex on Sunday, Shin Min Daily News reported.
They claim to be owed about US$100,000 (S$135,000).
After making the police report, they unfurled a banner below an HDB flat at Neil Road. It is unclear how long they stayed there.
Printed on the banner were accusations against the owners of the investment company. The photos of the owners were also on the banner.
The Malaysians appeared agitated, Shin Min said.
One investor, surnamed Dai, told Shin Min that nearly 10,000 Malaysians had invested a total of about US$20 million in the company, which was not named in the report.
Some of them started putting money into the company since August 2014. At first, there were profits which were paid back to the investors almost every day, she said.
Back then, they received about 5 per cent in interest on their investments every month. From the middle of last year, the payments became irregular.
When investors asked for their money, the investment company owner allegedly gave a number of excuses, even saying that they were under investigation for money laundering, Ms Dai said.
She said they have also lodged a police report in Malaysia.
Calls by Shin Min to the investment company were not answered.
Police investigations are ongoing.