SIBU: A 60-year old businessman lost RM190,800 after falling victim to an online currency exchange scam involving a suspect who offered rates higher than the market.
Sibu OCPD Asst Comm Azari Miskin said that the police received a report on the case following the incident.
He said the scam is believed to have begun in March 2026 when the victim’s son, who is working in Papua New Guinea, sought his father’s assistance to facilitate payments for the conversion of Malaysian ringgit into Hong Kong dollars.
“The victim’s son had earlier come into contact with an individual known as ‘David’ via the WhatsApp application, who offered a currency exchange rate that was more favourable than the prevailing market rate,” he said in a statement on Saturday (April 4).
Azari said on April 2, the complainant agreed to assist and proceeded to make several money transfers to local bank accounts provided by the suspect.
“However, subsequent checks with the son’s associate in Hong Kong revealed that the funds had not been credited into the intended account as promised,” he added.
Realising that he had been deceived after the suspect became uncontactable, the victim lodged a police report.
Azari said the case is currently being investigated under Section 420 of the Penal Code for cheating.
He advised the public to exercise caution when dealing with online currency exchange offers, particularly those involving unknown individuals or unusually attractive rates.
“Always verify the legitimacy of such transactions and use licensed financial institutions or authorised money changers to avoid falling victim to scams,” he said.
