Multi-level Marketing Scheme

The first and the last?

It is interesting to note that our land in Jasin, Malacca was the first land project to be sold through a multi-level marketing scheme. Perhaps we should get Dato' T. Murugiah to contact the relevant ministry in charge of issuing multi-level permits to check on Yeng Chong Realty Sdn Bhd or its agent involved in selling the parcels of land to us, how it has turned sour and nothing was done to make them accountable.

When it was first launched in 1999, the project was launched with a bang and the pieces of land were sold off like hot cakes. We need not pay a deposit and have ten years to pay for the land. Besides, we were given to understand that MBSB, a subsidiary of EPF, was involved in the project, as stated in the Sales and Purchase Agreement.

Well, the scheme has failed and nobody was hauled up to answer for it. What makes it difficult for us to stomach was that the developers were still collecting money from unsuspecting purchasers although many have stopped paying the instalments (though only very recently).

It looks like the ones who made money were the agents who sold us the land. But many agents themselves bought pieces of land too and were now stuck like us.

So where have the millions of ringgit collected gone?