RM4.8 Million Gigamax Scandal: Investors Still Waiting for Answers

Questions are growing over the lack of updates from police after the arrest of three people believed to be behind the Gigamax investment scam. The arrests, which took place at Kuala Lumpur International Airport (KLIA) on 6 May, have raised hopes among victims but silence from the authorities has led to fresh concern.

The Malaysian International Humanitarian Organisation (MHO) is now urging police to provide an official update. On 16 May, MHO handed a letter to the Bukit Aman Commercial Crime Investigation Department, asking for details about the suspects and the progress of the case.

According to MHO Secretary Hishamuddin Hashim, the suspects were taken to the Cheras police headquarters after their arrest, as reported by a Chinese-language newspaper on 9 May. Despite this, no official statement has been made.

The Gigamax scheme allegedly led to huge losses for investors, many of whom were promised high returns. Hishamuddin said that the 99 victims MHO represents lost more than RM4.8 million in total. He asked whether the suspects are still in custody, have been released on bail, or have been handed over to the Attorney-Generals Chambers for prosecution.

Police have previously said they opened an investigation under Section 420 of the Penal Code, which covers cheating and fraud. This followed a statement from Bank Negara Malaysia confirming that the investment scheme involved criminal elements.

In November last year, police arrested 11 people linked to the case. The group included two women, and the arrests were made in Kuala Lumpur, Selangor, Pahang, Kelantan, Terengganu, and Melaka. The suspects were aged between 34 and 59.

Investors are now calling for greater transparency. One of them, 60-year-old Noraishah Muhammad, said victims deserve to know what is happening. She hopes the suspects are not being protected and that authorities are serious about bringing them to justice.

For many who lost their savings, the lack of clear communication is deeply frustrating. MHO and affected investors say it is time for the police to speak openly about the case and give the public confidence that justice is being served.