Bogus forex investment scheme dupes nearly 400 victims
SUBANG JAYA: He learnt about the purported forex investment scheme from a friend in 2016 and it looked legitimate.
Chin, as he wanted to be known, trusted his friend of more than 10 years.
“During this period, we had two brokers; one was based in Indonesia and another in Labuan. We could directly deposit funds into those banks,” he said.
Withdrawals were also punctual up to late 2022 before constant delays were encountered.
“The broker then proposed for us to transfer the funds to a broker in Dubai due to better returns and a faster withdrawal period.
“Since last December, however, we have not received any of our requested withdrawal amounts, but were given various excuses instead,” he said.
Chin was among nearly 400 victims who were suspected to have been duped through an alleged forex investment scam with collective losses up to RM100mil.
Another victim, Ethan, said he and his family lost more than RM1mil to the scam.
“They had legitimate documents, so we trusted it. But since last year, they have been giving excuses and we could not make any withdrawals.
“It’s very disappointing and caused many of my loved ones to lose over RM1mil. We want justice,” he said.
They were speaking at a press conference organised by the Malaysia International Humanitarian Organisation (MHO) here yesterday.
MHO secretary-general Datuk Hishamuddin Hashim said 385 police reports have since been lodged nationwide.
Some reports were investigated under Section 420 of the Penal Code while others were referred to other agencies and some classified as No Further Action.
“We are also compiling further reports,” he said.
He added that the victims lost between RM10,000 and RM100,000 and even up to RM1mil for some.
Hishamuddin said they would bring victims to Bank Negara Malaysia to lodge reports in the coming weeks.
The scheme, he said, began in 2016.
Hishamuddin claimed the “platform” was registered with a company in Indonesia, another with the Labuan Financial Services Authority (LFSA) and private companies registered with the Companies Commission of Malaysia for marketing activities.
“They used two brokers. One was a supposed licensed forex broker based in Indonesia and the other registered in Dubai.
“Through the companies based in Indonesia, registered with the LFSA and several marketing companies, we believe there are three masterminds,” he claimed.
He said action could still be taken even if the alleged perpetrators were abroad.
