As per the latest reports, Yayasan Usaha Ventures Malaysia has defrauded hundreds of Malaysian
Indians. The alleged amount is almost RM 7.2 million.
This organization, commonly known as Malaysia Ventures Entrepreneur Foundation, is under the control
of Dato Sri Gnanaraja and his wife, Geethanjali. Reports say that Gnanaraja is the main person behind
tricking all the investors.
Geethanjali and her businessman husband told everybody that they had a direct connection with the
Ministry of Finance. Moreover, they even explained their connection with the Prime Minister and the
First Lady. They also promised Venus to provide suitable assistance in obtaining the license for
investment banking.
The house meeting for the license took place on June 13, 2016. Furthermore, Gnanaraja asked for
evidence showing the total funds with Venus. He also stated that this proof is essential to obtain the
license. As a result, the company trusted them and displayed the full evidence for RM 50 million. He
falsified the accounts by saying that Yayasan has a direct connection with the Government. In this way,
he managed to convince the company to deposit a lump sum in Yayasan’s account during June 2016.
Gradually, the officials of Venus understood that they have been misguided, and everything was a full-
proof plan for committing a huge scam. With immediate effect, they hired capable lawyers to recover
the RM 7.2 million.
There was no negligence to recover the concerned amount from the cheaters on the part of the
company. However, both Gnanaraja and Geethanjali refused to return a single penny and denied
cheating.
Vell Paari is furious about this incident as he explained his identification of the actual facts involving the
fraud. The issue is becoming serious as more and more Indians in Malaysia are subject to such fraud.
Dato Sri applied a clever trick involving the Ministry of Finance, PM, and the First Lady to carry out the
scam to pretend everything very legal and authentic. Moreover, the persons claiming a refund of the
invested amount from this couple received only threats. There are several witnesses and victims of
these kinds of frauds committed by the same couple.
Vell Paari added, “We have come across that police is investigating the case and will surely come to a
conclusion soon. We will now take hard steps in order to curb such fraudulent activities in Malaysia.”
However, one confusion is how come so much amount is being transferred without proper verification
from the respective banks. There is no appropriate evidence regarding the exact business that Yayasan is
involved in.
All the investors are now aware of the businessman couple’s fraud and have hired the best lawyers in
the land to file the suit. They want their hard-earned money back at any cost. Strangely, so many
investors are falling into the easy trap of this duo. Also, it is hard to believe that the banking authorities
are completely blindfolded at the matter. But, proper actions will now be taken against all the parties
being a part of this fraud.
