BIA denies involvement in M’sia investment scheme

James Kon

The Brunei Investment Agency (BIA) yesterday issued a statement, following news reports of a fraudulent investment scheme in Malaysia.

“The Brunei Investment Agency has been made aware of press reports of investment scams which uses the name of the agency. These reports were extensively covered in the Malaysian press,” said the BIA statement.

“BIA would like to clarify that it is not involved in the investment schemes reported, which have been perpetrated by individuals unknown and unrelated to BIA.

“BIA is a statutory corporation whose objective is to manage the General Reserve Fund of Brunei Darussalam. BIA does not issue any investment products or any investment schemes for the public,” it said.

The statement continued, “BIA also does not solicit for funds or investments from members of the public.”

According to Malaysian news outlets, the Royal Malaysia Police has received 104 reports related to a fraudulent investment scheme known as Brunei Investment Agency, involving losses amounting to MYR1.96 million.

Bukit Aman Commercial Crime Investigation Department (CCID) Director Datuk Zainuddin Yaakob said the syndicate’s modus operandi comprised contacting the victims through social media platforms such as Facebook and WhatsApp, for the purpose of introducing them to the investment scheme.

He also said the victims were offered MYR120 short-term package that promised returns within seven to 40 days and MYR120 long-term package promising returns within two to four months.