The Malaysians filed a lawsuit against the Singaporean two years ago to recover their capital.
: A Singaporean man was ordered by the Kuala Lumpur High Court to return RM28 million to 122 Malaysian investors following their lawsuit against him.
The defendant’s operation was proven by the plaintiffs as illegal after it was found that the Singaporean did not obtain approval from the Securities Commission of Malaysia to collect investment funds, according to High Court Judicial Commissioner Datuk Mohd Arief Emran Arifin.reported that the defendant, Chan Cheh Shin, founded a company reportedly known as Fulda Malaysia Bhd, holding the post of director and introduced various investment products through his roadshows and seminars.
The 122 Malaysian investors paid their share from 2016 onwards, to Fulda Malaysia Bhd and another company called Palau Capital Ltd, based in Singapore where Chan was also a director of.Arief, in his online ruling, also ordered Chan to pay the interest collected from the 122 Malaysians at 5% per annum from the date the case was filed right up until the settlement of the judgement sum.
In the plaintiffs’ statement of claim, they said Chan had “persuaded” them, as quoted, to invest in several investment products, even overseas ones, promising “them multiple returns”, as quoted. They stated that Chan, who reportedly had credentials as a “leading banker”, as quoted, specialising in finance and investments, had also convinced them that he would cautiously manage their investment schemes and assured he would renumerate their losses if said investments failed.Individual loses over RM1.6 million in non-existent online investment scamLawyers M. Manian and R Gajelan represented the investors while Chan was represented by lawyers Ravi Nekoo and Sarah Anthony.
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