When it comes to investing, we must perform study or due diligence on the case before deciding on whether it is worth our money. This would definitely help reduce our losses in the event if that investment did not work out.
However, there are also times when our investments go horribly wrong.
Recently, a local businessman was horrified to find out that his investment of RM480,000 in a bar vaporised after the premise was shut down by the authorities after just 2 months in business and the business partner fled the country to start a casino in Vietnam.
According to China Press, the 51-year-old businessman named Wang said he met a internet celebrity, surnamed Huang, through a friend last November. At that time, he found the internet celebrity to be a straightforward and talented person. He ended up trusting him as a business partner.
“From January to March this year, I remitted money to Huang 5 times. But the 32% of the shares we agreed to were not received, and the business accounts could not be updated,” Wang said in a press conference.
Wang said that sudden closure of the bar came as a surprise and he suspected the money he invested had depleted.
While he was looking out for Huang, he stumbled across his socials and discovered that he has gone to Vietnam and even opened a casino there.
Wang then shared that the printing company that he used to work in is suffering a decline in recent years, so he is determined to expand into other businesses and earn a living. However, he did not expect this to happen.
Wang said it was a mistake to have signed a contract with Huang and sent the money to him before Huang signs the document.
The businessman has since lodged a report to the police and he hopes that this will alert others to beware of investment scams.
“I don’t want the money I made from the investment. I just want to get the original amount back,” he said.
