09 September 2022
A group of investors have lodged an official report to the junta’s State Administration Council (SAC) to immediately take action against Power 96 Future Myanmar Company Limited for closing the business office, not paying the investors for due money and secretly disappearing with billions of Myanmar Kyats.
The complaint letter said Power 96 Future Myanmar Company had opened an office in Star Housing in Thanlyin township of Yangon city, alleging that the company cheated investors with a promise of up to 20% monthly returned on investment (ROI).
Investors claimed that the company representatives showed Myanmar citizen investors an investment of business registration in Singapore in the beginning and did pay investors back as promised for a few months.
As a result of the ROI (return on investment) for few months, more people got involved in the investment putting more than 2.4 billion Kyats in the company in 2019.
However, the company completely disappeared after the global pandemic hit the world by storm and the persons running the company were not contactable since 2021.
Investors are now seeking the compensation from the company.
Chindwin checked the Facebook page of Power 96 Future Myanmar Co Ltd, and was active until 16 October 2021.
Mr Aung, who appeared to be the head of the company, made a Facebook live record on 03 November 2020 and spoke in English.
The complaint letter was supplied to Chindwin.