Unit Trust Investment Cheats

Investors who handed over their money to a personal financial consultant from a bank for unit trust investments worth more than RM720,000 were shocked to find out years later that the consultant had absconded with their money.

Raphael Fred, 43, allegedly never even deposited the monies with the bank, and is now missing when his clients wanted to withdraw some dividends upon the maturity of some funds.

Some of his clients started handing over money to him since 2009, as he allegedly helped them open up accounts for the investment.

The bank the suspect worked for also lodged five reports against him for similar offences, ACP Chandra said, adding that the nine victims include contractors, businessmen and housewives.
However, after checking with the bank, they were told that the bank never received any money for any said unit trusts.