Island Red Café | Malaysia's Financial Blogger | Financial Freedom Ideas

KWSP Malaysia for Monthly Housing Loan Payment [ March 13th, 2010 ] | 131 views | Leave a Comment

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I heard a lot of forumer keep on discussing about this issue recently - KWSP steal citizen money! KWSP allow monthly withdrawal from EPF account 2 for the monthly housing loan repayment. But, from their discussion, some of them said that the withdrawal plan is actually a SCAM! I am sure you will feel keen to know more on this issue, right? Let me share with you what I’ve heard:

We take an assumption here:

If you have RM50,000 in your EPF account 2 and your monthly housing loan’s installment is RM1000/month. KWSP will approve your application of withdrawal from your EPF account 2 of RM50,000 and pay you RM1000/month for the next 50 months.

The only thing that KWSP did not inform us in detail is that when the application was approved, will the total amount RM50,000 is removed from EPF account 2? In the other words, it appears to be transferred to an unknown account to effect the monthly payment?

Latest Scam In Malaysia: Island Red Café

Recently I have received a lot of complaint about Island Red Café investment as they claimed that they stopped receiving the vouchers and cash payouts earlier this year. After careful investigation by police, it’s officially announced that this business is a scam.

island_red_cafe_scam

Here, I would like to remind all of you, before making any type of investment, you need to do your own research and don’t fully trust their business plan as they may fool you around. For example, in this situation, you need to see the Island Red Café environment first, and taste their foods & service. Check back my previous articles about Why I Don’t Dare To Invest?

Island Red Café Is A Scam Business

Island Red Cafe collects members RM6, 000 each and promised will give 5% return every month and even give you a name in the black & white agreement as a shareholder but what’s the point if they run away? In fact, you cannot do anything; you just can go to their shop and take all their business equipment such as the furniture (table, chair, fan…) after they declared themselves bankrupt.

Island Red Café Business Plan - Ponzi Scheme

Island Red Café Investment Plan

Have you heard Island Red Cafe, like Old Town style restaurant? It is multi level marketing which recruiting more members to join then can get commission. You need to invest RM6000 then can enjoy 5% fixed guarantee return each month without recruiting any members. For me, it sounds like a pyramid scheme.

IRC

Why I Don’t Dare To Invest?

I took dinner with one of my friend at there last time, food is not very good, services also very bad, and there have a lot of market competition already, plus they do not have something special about their franchise. So, common sense, if food not tasty, for sure business will be affected, so will they still able to pay 5% as fixed guarantee return?

Good Payout Is Not Equal To Company Making Huge Profit