Two duped into investing RM130,000 in illegal forex firm

  • Nation
  • Thursday, 25 Nov 2004

PENANG: Two people were duped into investing more than RM130,000 in a foreign exchange trading company which “folded” upon being informed by Bank Negara that its activities were illegal. 

The two, a woman, 21, and a man, 28, had each invested RM80,000 and RM53,000 with the company in Sungai Nibong about a year ago.  

The woman was also working in the company as a clerk and had not been paid her salary for a few months. She turned up for work last week and found the office closed. 

She then called the company director and was told that they had to close down because what they were doing was actually illegal.  

The company had received a letter from Bank Negara directing it to immediately “cease and desist” the buying and selling of foreign currencies which is an offence under the Exchange Control Act 1953. 

Balik Pulau OCPD Supt Shuib Husain, who confirmed that the reports were lodged on Tuesday, said they would be calling up the three company directors to give a statement over the matter. 

“We have classified the case as cheating under Section 420 of the Penal Code which carries a jail term of up to 20 years with possible whipping upon conviction.” 

In another incident, an Indonesian woman fell to her death from the sixth floor of an apartment block in Relau yesterday. 

Endon Wahyumi, a 24-year-old factory worker, was found sprawled on the ground by a security guard at 5am.  

Foul play had been ruled out and police have classified the case as sudden death. 

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