Hundreds suspected scammed by forex investment scheme to showing their reports. Losses estimated to be RM100mil press conference by MHO secretary-general Datuk Hishamuddin Hashim, (third left) and MHO public relations head Andrew Foo, (second right) near the bank’s Penang branch in Lebuh Light. ( December 09, 2024 ) — LIM BENG TATT/The Star
GEORGE TOWN: A massive forex investment scam that has allegedly defrauded 388 victims across multiple countries of RM104.75mil since 2016 has prompted calls for swift action.
The scam, allegedly orchestrated by individuals claiming to be Russian financial experts, promised high annual returns of 20-30%.
The victims, ranging from professionals to retirees, claimed that after payments ceased in 2022, they realised they had been cheated and their profits frozen in the accounts they had no control over.
Each individual was said to have lost between RM20,000 to over RM1mil, according to Malaysia International Humanitarian Organisation (MHO) Datuk Hishamuddin Hashim, who held a press conference outside Bank Negara Malaysia's office in Penang’s Lebuh Light on Monday (Dec 9).
Some 200 victims attended the gathering to demand justice and press for accountability from authorities.
According to Hishamuddin, the scam involves companies registered in Indonesia and Labuan, allegedly managed by a licensed forex broker in Malaysia.
