IPOH: A group of 116 people have been left RM5mil poorer after investing in a company which promised high returns and easy payment of their utility bills.

Group spokesman H.L. Wong, 52, said they had each invested between RM22,000 and RM44,000 in the scheme offering to use e-cash to pay electricity, Telekom, Astro and Perak Water Board bills.

“The company promised to remit monthly between RM1,600 and RM4,400 of e-cash through our mobile phone which we would use to pay our amenity bills.

“When we first signed up last year, the company kept its side of the bargain,” he told reporters after the group lodged a report at the district police station here yesterday.

However, the company abruptly stopped payments in March.

Wong, a used-car dealer, said that when investors checked with the company on the missing remittance, it warned them not to make police reports.

“Attempts to call the company, based in Cheras (in Kuala Lumpur) also went unanswered,” he said, adding that he visited the company but was unable to meet the management.

Attempts to contact the company management proved futile.

Source: http://thestar.com.my/news/story.asp?file=/2008/7/25/nation/21918044&sec=nation