Malay Indians in Penang bankrupt after involvement in get rich quick schemes
June 4th, 2010 - 12:32 pm ICT by ANIKuala Lumpur, June 4 (ANI): Many Indians in the Malaysian state of Penang have gone bankrupt after investing heavily in get-rich-quick schemes.
The Star quoted Penang businessman K. Povendran as telling a news conference that most of them had been forced to settle debts for the rest of the lives as they had taken loans or borrowed money to join these schemes.
He said that most of the schemes offered high returns at first only to fizzle out later.
He called upon the Indian community to be more careful and not to be fooled by such schemes.
The Malaysia Nanban reported that the Penang government would take action against the sale of illegal samsu in the state, which has created social problems for the Indian community. (ANI)
- Malaysian Indian businessman spared jail term - Mar 02, 2011
- Steamy scenes in Indian films irk Malaysian group - Jan 31, 2011
- Bankruptcy rate up for Malay Indians - Dec 07, 2009
- Malay Indians need to have a separate TV channel, says HINDRAF leader - Dec 22, 2010
- New party offers Malay Indians fresh political alternative - Aug 16, 2010
- Malaysia's old architecture beckons tourists (Letter from Penang) - Apr 16, 2010
- New Malaysian party to give voice to Indian community - Aug 16, 2010
- 500 Malaysian Indians jailed abroad for crime - Apr 13, 2010
- Tamil films blamed for crime by Indians in Malaysia - Mar 22, 2010
- Indian Malaysians all set to herald in New Year - Apr 11, 2011
- Malay Indians set to give rousing welcome to Manmohan Singh - Oct 25, 2010
- Malay Indians call for banks to introduce Tamil in transactions - Jan 21, 2011
- Malaysia to resolve ethnic Indians' citizenship issues - Dec 31, 2010
- AirAsia starts Chennai-Penang flight service - Apr 28, 2010
- Malaysian PM counsels calm on `Christian takeover' reports - May 09, 2011
Tags: bankrupt, businessman, debts, indians, kuala lumpur, loans, malay, malaysia nanban, money, news conference, penang, samsu