KUALA LUMPUR: An Indonesian woman claims to have lost more than RM4mil after being deceived by a Labuan-based foreign currency (forex) investment syndicate.
The woman, identified only as Suzy, 53, said that she began investing in the company in 2020, depositing a total of S$1.3mil (RM4.3mil) into two local bank accounts associated with the company.
Based in Singapore, Suzy said she initially received dividends of about 20% per annum in 2021 and 2022. However, the company began providing various excuses when questioned about the dividends last year.
"When I inquired about this year's dividend, the company claimed, among other things, that its licence had been suspended by the government.
"Until now, I have not been able to withdraw the money deposited into the company's accounts," she told reporters after filing a police report at the Dang Wangi police headquarters on Monday (Oct 28).
Also present was Malaysian International Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim.
Hishamuddin reported that the NGO had received 69 complaints from victims in Singapore, Indonesia, and Brunei, who were deceived by the investment syndicate, amounting to losses of RM40mil.
He explained that the syndicate deceived victims by using a financial broker licence registered in Labuan and employed marketing agencies to attract interested investors.
He also alleged that the syndicate had duped more than 500 locals, with losses estimated at RM100mil.
Hishamuddin noted that the police had opened investigation papers on 90% of the cases involving locals, under Section 420 of the Penal Code for cheating.
He suggested that there was an element of cross-border crime involved and that the government could take legal action against the company and individuals responsible, as it involved companies registered in the country and money deposited into local bank accounts.
He emphasised the need for the authorities to take this case seriously to protect the country's reputation from being perceived as a hub for fraud syndicates. – Bernama
