Saturday April 21, 2007 The Star
KUANTAN: There is no short cut to wealth, not even via the Internet, advised Deputy Prime Minister Datuk Seri Najib Tun Razak yesterday.
He urged the public not to put their earnings and savings in cyber get-rich-quick schemes which he likened to similar scams popular some 20 years ago.
“There are severe and dangerous effects to the schemes offered through the Internet. Your entire life savings can go up in smoke and when this happens, your retirement days will not look that rosy,” he told reporters after officially launching the Malaysian Unit Trust Week (MSAM) organised by Permodalan Nasional Berhad (PNB) at Padang MPK 2 here.
Najib said the Internet investment schemes were similar to previous get-rich-quick scams that were so popular during the 1980s such as Pak Man Telo.
On whether there were any legal means that could be exercised so action could be taken on the operators who used the Internet as the medium, Najib said the Government would have to look into the matter .
Earlier in his speech, Najib said he still received reports of people being duped by the schemes.
“Do not think that everything in the Internet is good,” he added.
On MSAM, Najib said he believed it was an important medium to create public awareness and education on investment for it would promote wise spending, encourage people to save and invest in schemes such as those offered by PNB.
The unit trusts gave good returns and were safe, two important criteria when making an investment, he added.
MSAM is held from April 20 to April 29. It aims to promote investment education to the society.
Prime Minister Datuk Seri Abdullah Ahmad Badawi will close the event on April 29.
The MSAM features 184 exhibition booths representing 54 firms and institutions includ-ing PNB subsidiaries such as ICI Paints (M) Sdn Bhd, Chemical Company of Malaysia Bhd, Golden Hope Plantations Bhd and Takaful Ikhlas Sdn Bhd.