In an era where digital transactions have become the norm, protecting oneself from fraudulent schemes is critical, particularly in the realm of investments.
ACTIONS THAT CAN BE TAKEN IMMEDIATELY
When you feel that you’ve fallen prey to an investment scam, you need to take immediate action to safeguard your rights and interests. We’ve compiled a guide to help you understand the steps to take and how our law firm can assist you in this process.
- The first step is to ascertain if you’ve indeed been a victim of an investment scam. Key pieces of information you should gather include the date of the scam’s occurrence and if it happened within the last six years. Gather all possible evidence of the scam, including any agreements signed between you and the scammer. Additionally, collect details about the scammer such as their name, contact number, residential, correspondence, and company addresses.
- Upon gathering all the necessary information, you can then proceed to take action. The recommended course of action is to first make a police report about the illegal financial scheme.
- You should also report the matter to the Bank Negara Malaysia, the nation’s central bank. Subsequently, you can initiate a civil suit to recover your losses.
HOW WE CAN HELP?
Understanding the Contract Act 1950 is crucial in this situation. This Act provides the legal basis for determining if fraud has occurred. Consent for any contract is considered free only when it’s not influenced by coercion, undue influence, fraud, misrepresentation, or mistake. Fraud, as defined by Section 17 of the Act, involves acts committed with an intent to deceive another party or to induce them to enter into a contract.
The Act also provides examples of scenarios that constitute fraud. For instance, if a seller knowingly sells an unsound horse without informing the buyer, it is not considered fraud unless there’s an obligation to disclose such information due to their relationship, or if the buyer specifically asks for confirmation about the horse’s health.
Misrepresentation, defined in Section 18, includes the unwarranted assertion of facts not true or any breach of duty that misleads another party to their prejudice. When consent to an agreement is caused by coercion, fraud, or misrepresentation, the agreement can be declared voidable at the aggrieved party’s discretion.
However, the contract remains valid if the aggrieved party had the means to discover the truth with ordinary diligence. Therefore, it’s important to conduct thorough due diligence before entering into any investment agreements.
In summary, the key elements of any contract include the offer, acceptance, consideration, and the intention to create legal relations.
If you suspect that you’ve been a victim of investment fraud, it’s crucial to engage an experienced law firm that understands the legal complexities involved. Our firm stands ready to assist you in navigating this challenging situation and protecting your interests.
