Hey my Malaysian friends, is HYIP legal in our country?

The answer would be as same as the question "Is Forex legal in our country?"...

so what is the answer?

as i knw... HYIP most of them are not registered under BNM.. not mean they r illegal from wat u earn. what we can do is join and play at our own risk.. BNM or gorverment is no control on this for u.so if fail n being scam by them.. we cannot doing report.. because no use!!. We already knw that this was just like gambling if we join in HYIP games!

for ur earning izzit legal or illegal.. it was depend on how u exchanged ur earning to real cash in ur local bank!! this i cannot advice.. u have to discuss with the Tax agent. i m sure they will guide u on this!!

Well said geo_seven...
hey I think you were my upline for Studiotraffic last time...haha


kenang82...
I think you should learn how this HYIP thingy works first before asking all this question...

HYIP is not an investment, it's just a stupid skim cepat kaya money playing game....
so invest at your own risk...

The real scammer yg ade IC number, phone number, picture on Ebay/Lelong pun polis susah nak catch...ini pulak HYIP yang BNM pun taktau it actually exist!

hei Yayai.. i just remember u.. i tot u r not my referral from ST there. nice to meet u here... hehehe!!

yea.. long time no see u there.. since after we being scam by ST .. hehehe! anyway

Ya, everything at our own risk. But I think w still can join HYIP but run after we earn some $$ there

Yayai, thanks for your advice. Do you know any long term investment program or "safe" HYIP?

For those which have been involved in HYIP before 2006, you may have heard of PIPS. This is one HYIP that was instituted in Malaysia. The admin Bryan M. was recently arrested and charged in court.

Wow cv71co...
good for him loo

kenang82...
sorry to say that I stop involving in HYIP for months already...
I'm currently into paid-to-post/promote/click kinda things...
Cause a lot of them are free...even if they scam me, i dont loose any money...

For long term i would suggest Forex but it needs a lot of knowledge...

Anyways good luck to you...

hi kenang82, for ur information, there are no such thing as legal or illegal thing for hyip in malaysia, unless they are company in malaysia or register under malaysia government. if it is outstation company, definitely malaysia enforcement can do nothing about it becoz we are using the money at our freewill and i dun think there are any law stated it is legal if we invested to outstation hyip company(if there are any of this law, pls inform me, because i dun study the law). BNM only encourage u not to invest in those thing becoz of the normal reason, scam, cheating blah blah blah. but i believe the main reason is they dun want malaysian to invest into it and later, if most of malaysian are getting profit, then someday, no one will want to work anymore this is what malaysia is all about, asking ppl not to invest in "skim cepat kaya". they only want u guys to work work work until u die!!! we should change all this and get some extra earning from this investment thing. ya, risk is high, but money that are lost can be found again, but not ur time. malaysia is full for bulshxt. what does MALAYSIA BOLEH mean? it means MALAYSIA BOLEH naik harga petrol, MALAYSIA BOLEH naik harge toll!!! one thing MALAYSIA TAK BOLEH is MALAYSIA TAk BOLEH naik gaji orang!!!

Thanks for your information. Then how about the earnings earned from autosurf? Do we have to pay tax for that?

well kenang82, forget about the tax part. honestly, if for me, i dun give a damn about the tax part even i make a lot of money. what do u get by paying tax? more petrol increasement? more toll increasement each year? screw malaysia. just keep the money for urself. and after u earn a lot, maybe start investing in real life investment such as open ur own shop or etc. u will be excluded from paying tax if u are not buying car or properties. just keep quiet about the money u earn. unless u planning to buy a vehicle or properties, that will be a different story. if u are going to spend ur money on things other than super expensive thing, u will be fine with those tax thing. in conclusion, actually only 2 words for it!!! IGNORE IT!!!

HYIP that can be found here in this forum is just a phyramid schemes or just a games or gambles. More ppl losing than gaining. Just like playing in casino. Think for yourself.

Thanks for your advice!! It seems that you are anti-HYIP
But I don't mind playing occasionally.

saya pikir hyip legal2 saja

Well, about legal and illegal only apply if your investment and business registered in Malaysia. If you have registered business or employed in Malaysia then the legality applies and every cent you earn you have to claim in your tax returns.

In this subject is for you to consider it for yourself, are you bound by the Inland Revenue if you are earning an income? Income from Internet could be put in the category of income from outside Malaysia. If you wish to keep your money legal then you have to claim for profit and loss, same as running a business registered under Proprietorship.

However, earning from Hyip and Autosurfs are not considered as a business but gambling income/loss. Hyip and Autosurfs are considered as non-bonafide source of income (The catch22 lies right here!!!).

i think no one can stop you from putting your money in whatever form of 'investment' - be it ponzis or other scams.
but if you start a hyip in malaysia then you could end up going against bnm who will go after you for 'taking deposits without a license'.

But since there are so many hyips run by malaysians, why the government hasn't taken an action against them?

Anyone ever report them to BNM? Beside, you know how the government work, it will take ages for them to settle even one complaint....

No idea whether this is legal or not..

But I have been here for some time..

I think they will NOT bother bout the legal....as long as GOT PAID!!

I am just throwing the idea around...Hyip will never be legal in Malaysia considering on what product Hyip operators are selling, HOPE? Hyips are PONZI schemes anyway and there is no way it could be licenced to operate locally.

On the second note that hyips run by Malaysians because they are free for all on the Internet at this point in time, ah ha

haha... the hyip would have alredy tutup kedai by the time their 'investigation' even start

Yeah, I agree with you as most of the hyips lived for few days and gone scam!!!

Its really like gambling. If ur lucky and among the first, u make some money. If not, bye bye.

Btw government would never acknowledge HYIP & make it legal since it would be an easy way for money going out of country.

It's impossible for HYIP legal in Malaysia!

That means we can do nothing against HYIP scammers even if they are in Mlaysia, may be just next to us!!!! SAD SAD......

hi
i really dont care if HYIP is illegal or legal in our country..just throw your money in any HYIP programs, start counting and praying for the lost or huge payment that u will earn...i just lost my 100 dollar last week in HYIP program..cool huh? tak serik2 lagi he he im still learning about HYIP and how we can still earn from ponzis..if they can cheat us..that's means we also can get a profit from them if know the way how to handle it..it's all about time actually *sigh* i want to be a scammer too ha ha just kidding! join jangan tak join!! skim cepat @ cepat kayap...

If you all want to earn an honest living, you must sell some consumer product online, you can use for yourself or to market to people. For me, I will use for myself and market to people both health and other product....check out engine lubricant online just for malaysians[edit]Do not post referral links in international chat. [/edit] or if you like to travel, check out this http://www.viewmalaysia.com/index.php?ref=...es5392&bc=1

Any enquiries please call me or e-mail me...my phone is 0165343430, if you couldn't get me, please message, e-mail me too at charles7916@yahoo.com.my

i think if its ponzi hyip then it will be illegal everywhere

I don't think HYIP will legal in Malaysia..bcoz they all are scammers..I've lose some money in HYIP

yup, everyone really must know that our government won't let money out of the country...so for those that earn alot in this arena, my suggestion will be to slowly bring it out of the country. go open a bank account in spore and keep your money there. from there you can open swissbank account or any other offshore bank account to store your money. keep in malaysia....government tax u till u wanna cry....

most of the time the hyip aledi bungkus by the time govt find out. also wud anyone of the promoter wanna report to govt before they break even? i dont think so. how many of you actually inform bnm of the scheme you invest in- let's say swisscash, winlifund, abfund, etc -there are many local promoters who can be reported but since everyone is cari makan aja... up to your conscience lah

any one can tell me their experience of lossing or earning money in hyip, what is the web site name before, last how for many day? espeacially some thing abfund 3% return for 100 days. programme.

how long this type of programme been in malaysia?
just from Nov 2006?

the topic starter just starting the obvious...

I tell you, where on earth, or even in pluto... or in a galaxy where

a) CHEATING PEOPLE ( This is for HYIP Admin)

b) Leading People to be Cheated, SACRIFICINg other ( This is for promoter)

or

c) GAMBLING without licence (This is for HYIP "investors" including myself)

Is LEGAL?

It is the question whether existing law covers online crime, and whether HYIP is crime, and finally the Implementation that matter...

So, lantak le, aku dah habis banyak duit ni

if we earn money from HYIP govt wanna tax us....then if we lose money from HYIP...will govt refund us ?

so...dont need to pay tax la.... unless u wanna buy property or new car...
if wanna buy car...go used car dealer buy second hand oso can la....if wanna live bungalow....u can go rent one bungalow...and pay ur rental by cash...u dont have to own one hahahah..

So can some body let me know my Qestion before?
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better u ask in abfund thread. as for me, i aledi breakeven n in profit from abfund so if bungkus also not too painful. however i believe it still going strong but whether it will last as long as SC - only time will tell. good luck to u

HYIP have more are scam, whatever illegal or not , beware it.

not legallllll kekekek but i also do