Pak Man Telo, The Pioneer of 'Get-Rich-Quick' Schemes from Taiping
Osman Hamzah, better known as Pak Man Telo from Taiping, Perak, was the organizer of the most infamous 'get-rich-quick' scheme in Malaysia back in the day.
Do you still remember Pak Man Telo? Or were you one of the victims of the scheme he organized? Continue reading to learn more about Pak Man Telo. In 1989, Osman Hamzah's house was raided by Bank Negara Malaysia (BNM), and nearly RM2 million in cash was discovered. Pak Man Telo was detained on April 11, 1991, and was banished to Kampung Terong, Kuala Berang, Hulu Terengganu, under the Emergency Ordinance. Later, he was detained again on July 17, 1991, and charged under the Banking and Financial Institutions Act (BAFIA) 1989. During his court trial, Pak Man Telo admitted that he himself did not know the actual amount of capital collected by his company, Pertama Sdn Bhd, because no one was keeping records of transactions throughout their operations.
Here is a brief biography to help you get to know Pak Man Telo, whose real name was Osman Hamzah. Initially, Osman Hamzah was a freelance journalist in Taiping, Perak, before starting his 'get-rich-quick' scheme. The Pak Man Telo scheme began as early as 1972 and is believed to have involved nearly 50,000 investors with funds exceeding RM99 million.
The public was furious with Pak Man Telo for failing to pay the promised dividends, which led a group of six men to take violent action by kidnapping his son in 1991. They held Pak Man Telo's son captive at the Hotel Tropicana, Jalan Ipoh, Kuala Lumpur, from February 28 to March 5, 1991, in an attempt to force Pak Man Telo to return the RM426,767 they had invested in the scheme. The six men were eventually arrested by the police and brought to court. Others also took legal action against Pak Man Telo. A total of 175 investors filed a lawsuit against him in March 1991, followed by another 284 investors in April 1991, with many others following suit. Pak Man Telo served a 2-year prison sentence in Taiping Prison and was released on November 17, 1992. Afterward, he was sent to Kuala Berang, Terengganu, under a banishment order.
After that, the story of Pak Man Telo began to fade, and the public gradually forgot about him. Pak Man Telo lived a quiet life with his second wife and a son in Terengganu. He started a new life there, earning a living by repairing radios and televisions. At the age of 70, Pak Man Telo passed away due to old age on December 22, 1997, marking the end of the life of a man who became one of the pioneers of 'get-rich-quick' schemes in this country. The impact of Pak Man Telo's scheme ensures he is remembered to this day, and he will likely be recalled as one of the pioneers of such schemes in Malaysian history. This serves as a reminder of past events so that we may all learn a lesson. There is no easy way to get rich overnight. It is not easy to be wealthy, and it is not difficult to be poor.
