An Indonesian businesswoman has alleged that a gold investment scheme left her family burdened with illegal loans and stripped them of ownership of their condominium, forcing them to pay tens of thousands of ringgit each month to remain in the property.
The woman, identified only as Ayu and believed to be in her 40s, said the condominium in Kuala Lumpur was purchased by her husband in 2009 for RM1.8 million and had been the family’s residence for more than 10 years.
She claimed the ordeal began in mid-2025 after her husband was introduced to a gold investment programme that allegedly used property titles as collateral in exchange for promised returns within a fixed period. Several parties, including an investment company and lenders, were said to be involved in the arrangement.
According to Ayu, her husband agreed to participate after being assured that the investment was secure and would generate the expected profits. The original property title was handed over as part of what they were told was a routine requirement under the agreement.
However, a later check allegedly revealed that ownership of the condominium had been transferred on Oct 21 last year to an individual from Sarawak. The family was further informed that the property had reportedly been sold for RM800,000 despite its current market value being estimated at about RM4 million.
The situation became more distressing when her husband, who had previously owned the condominium, was allegedly required to rent the property after the ownership transfer. Ayu claimed they were told the monthly rental payment would amount to RM40,000.
She said the incident had taken a severe emotional toll on her 75-year-old husband, who is reportedly suffering from anxiety and emotional distress after losing what the family considered its most valuable asset.
Ayu said the family is seeking answers regarding how the ownership transfer took place and hopes authorities will conduct a thorough investigation to determine whether any elements of fraud or misconduct were involved.
Meanwhile, Dang Wangi district police chief Assistant Commissioner Sazalee Adam confirmed that a police report had been lodged over the alleged fraudulent transfer of the condominium ownership. He said investigations are being carried out under Section 420 of the Penal Code for cheating, adding that the statement of the property’s new owner has already been recorded while inquiries continue.
