SHAH ALAM: A company director suffered RM5.5mil in losses after falling prey to a foreign currency exchange scam.
Selangor police chief Comm Datuk Hussein Omar Khan said the victim was acquainted with the suspect, who is from Sarawak.
He had previously conducted smaller currency exchanges, converting the ringgit to Vietnamese dong for salary payments and business operations in Vietnam.
“Late last month, the victim conducted a large-scale currency exchange for RM6.5mil.
“However, to date, he has only received Vietnamese dong equivalent to RM900,000.
“He was instructed to make 15 transfers to seven different bank accounts, totalling RM6.5mil. The scam only became apparent when the suspect kept making excuses to avoid paying the balance,” he said in a statement yesterday, Bernama reported.
Comm Hussein advised the public to exercise caution when dealing with foreign currency exchanges and to only transact with entities registered with Bank Negara.
The case is being investigated under Section 420 of the Penal Code for cheating.
