Malaysian Investors Allegedly Duped by Travel Company

A Malaysian travel company’s chief executive has been accused of fraud in an alleged rental car investment scheme, according to Malaysia’s The Star Online.

About 70 people on Jan. 3 filed a police report against Datuk Adzhar Sulaiman, chief executive of Noradz Travel and Services, claiming they did not receive dividends that were promised to them after investing in the alleged scheme. Sulaiman and his two daughters, Noradzma Adzhar and Noradzrin Adzhar, were charged with 360 counts of money laundering amounting to 60 million ringgit, the official currency of Malaysia. Investors say they were promised monthly dividends of 250 ringgit for each car after investing 3,300 ringgit for a car. They claimed that the number of investors numbered in the thousands from all over the country.

In October, the company was raided by Bank Negara, the central bank of Malaysia, on suspicion of illegal deposit taking and money laundering.

 

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Trump and Regulations: An Alt-Fuel View

With 2025 emissions targets back in review, manufacturers, alt-fuel, and alt-power suppliers weigh in on the potential impacts of Trump’s initiatives.

Why GM’s Telematics Announcement is a Really Big Deal

Enabling a telematics connection at the factory — and not through an aftermarket hardware installation — is a game changer for fleets.

Four Thoughts From the 2016 Conference Calls

Sifting through the notes of Avis Budget Group’s and Hertz Global Holdings’ recent fourth quarter conference calls give us some trend lines to watch out for in 2017. (Of course, this gives us an incomplete snapshot, as Enterprise Holdings is privately held.)

Job Finder: Access Top Talent. Fill Key Positions.

>