Sorry it’s been awhile. I’ve been down with a fever and just got back to writing something for my blog. Today’s post is about this get rich quick scheme that I have discovered on the CariGold Forums. Its called Novalife a.k.a. SRIISB. SRIISB is an acronym for Sahabat Raja Izuddin Iskandar Shah Berhad.
This company has an interesting plan which you can check out at their website. Click here to see it. They claim to be a company that has RM5million authorized capital and RM1million paid up capital. They also have this “ingenious” plan to part you from your hard earned money. You pay an amount (RM250 I believe) to join their plan and all you have to do is find others who are foolish enough to pay the same amount. Its a pairing/binary system so you have to find at least two others.
People who have joined are all hooked to this plan, especially those who have received bonuses. They do not realize that the money they get is not the result of any gainful economic activity but merely money from those who have joined under them…
I have uncovered several facts and even have proof of the falsity of this company. Here is a Company Search Result from the Companies Commission of Malaysia or SSM. You should be able to see that they do not have a paid up capital of RM1million, in fact it is only RM3000. There are no company statements as of 23.7.2008 which is the most current documents that SSM has on this company.
I’ve brought this fact to the attention of the forumers at CariGold, but their defenders are very convinced that the company is legitimate and even discounting the discrepancies in the SSM results as a late update by SSM.
This company not only lied about its paid up capital, it also lies on its website stating that it was a Koperasi. It clearly is not. It provides its members with small loans and this is illegal. It goes against the Moneylenders Act. Furthermore it also breaches the Banking & Financial Institutions Act for receiving illegal deposits, a topic which I have recently covered.
The forumers also brought something to my attention: they claim that Novalife had a valid AJL or MLM license. After searching the KPDNHEP website, I found no results for SRIISB ever being listed as an AJL licenseholder. Further questioning revealed that SRIISB was using another company’s AJL. These forumers had the gall to jeer me over this fact. I am completely dumbfounded. How could they be confident of a company that lied through its teeth and even claims to use another company’s AJL license. It doesn’t make any sense at all.
I guess their members are too blind to see this program for what it truly is: a Ponzi get rich quick scheme thats sure to fall flat one day. Lately I’ve heard that the company has switched its plan, for what purpose I do not know and no longer care to find out. All I know that this is a scam to get you to part with your money with empty promises of fast money. So get out or stay away from this company!