Property consultant living in fear after friend turns foe over lost investment in Australia

John Bunyan
Teng Hwa Lin shows pictures of his friend allegedly making threats and demanding money in front of his house in Tambun August 14, 2019. — Picture by Farhan Najib

IPOH, Aug 14 — Teng Hwa Lin rues the day he agreed to help a friend invest in an online foreign exchange currency scheme based in Australia.

The property consultant said he lost RM2.5 million in the investment when the company, IGOFX, closed down in October 2017 after suffering losses.

But that was only the start of Teng’s nightmare.

Nearly two years on, the father of four told a news conference in Tambun, Perak today organised by Mind and Social Concern Organisation that his friend whom he had known for five years is now hounding him and his family for RM500,000 even after being repaid the US$60,000 (RM240,000) deposit for the initial investment.

“Even though I lost the money, I gradually repaid the deposit which my friend invested since he trusted me. However, after paying nearly RM300,000, which is more than he actually invested, he still demands for more and threatened me and family. We are living in fear every day,” Teng said.

The 49-year-old said he repaid the last of his debt to the friend in April, but has been repeatedly harassed by the former friend and two thugs for payment.

According to Teng, the most recent incident happened on August 2; the trio visited his house in two separate cars and started creating a ruckus outside his home when they were denied entry.

Teng said he twice filed complaints about the harassment to the police and added that some officers were present when the last incident happened.

However, he claimed the police only stood guard and left after telling his harassers to leave the residential neighbourhood.

“However, what worries me is that despite the police asking them to leave the area in the third incident, the thugs still lingered in front of my house for about 15 minutes after the police left. They were not afraid of them,” Teng said.

Mind and Social Concern Organisation’s power abuse monitoring and Chinese affairs bureau chief Tony Tan urged the police to take Teng’s complaints seriously.

“The authorities must take immediate action on this matter as not only the life of Teng is at risk, but also that of his children and his wife,” Tan said.

Ipoh police district acting chief Supt Mohamad Nordin Abdullah said that the police have received reports from the victim over the matter. 


“We are still conducting the investigation on the online investment case which involves the victim,” he said.

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