ANOTHER money game operator with billions of ringgit of investments, Maxim Trader, has gone bust, the Sun Daily reports.

A company insider said that more than 90% of its funds were gone and that Maxim was declared defunct two years, after launching its scheme in 2013.

Other insiders said most of the funds were lost to marketing costs and seizures from authorities in several countries.  

It was only paying out returns to a few investors, the report said.  

“Tens of million in funds were frozen by the authorities of Taiwan, Korea, Japan and parts of China when they began a probe into the company following complaints from investors.

“The funds were parked in these countries. Then more funds were lost to grand marketing exercises and road shows to promote the scheme here and overseas,” the insider said.

As Maxim Trader was registered in the Seychelles, attempts to recover money from the firm via legal means would be a long shot, he said.  

“The wisest move the investors can make is to seek those who introduced the scheme to them – the recruitment agents – and demand their money through legal means.

“These upline agents made a lot of money and became millionaires by recruiting investors.”

 The company also owned assets, such as a large tract of land in Genting Highlands.

Businessman Abdul Rahman Abdullah, 65, who invested RM360,000, said he met a former senior official who informed him of plans to revive Maxim Trader.

“I was told that the most recent plan is to public list a company in the China stock market and shares will be given to investors. It is another so-called plan like all the others in the past and I am not buying it this time. I have had it with them and want a full refund.”

Although several investors lodged reports with the police and Bank Negara, no full-scale probes have been launched.

Maxim Trader, red-flagged by Bank Negara, had more than 50,000 investors. It is said to have amassed more than RM20 billion since its inception in 2013. – June 22, 2017.