KUALA LUMPUR: Convenience turned costly for several students from China who allegedly fell victim to online currency exchange scams.
MCA Public Services and Complaints Department head Datuk Seri Michael Chong said his office had received complaints from at least five victims, with total losses amounting to about RM40,000.
He said most of the victims were Chinese nationals pursuing their studies in Malaysia who were looking for a convenient way to exchange Chinese yuan into ringgit.
“They came to Malaysia to do their PhD or Master’s programmes and needed to exchange money. For convenience, they searched for money changers through social media platforms, especially Xiaohongshu,” he said in a press conference yesterday.
Chong said MCA would continue to follow up with the police on the status of the investigations and called for stern action if offences were proven.
He also advised foreign students to be cautious with financial services offered through social media platforms.
“Always use proper and legal channels. Do not be tempted by convenience because the consequences can be costly,” he said.
One of the victims, Tan Bin, a 28-year-old university student from China, said he first came into contact with the suspect through Xiaohongshu in April after being offered a currency exchange service.
He claimed he transferred 10,000 yuan (RM5,946) to the suspect before meeting him at a residence to receive the equivalent amount in ringgit.
However, after waiting for about 30 minutes without receiving the money, Tan became suspicious.
“He told me he needed to get a charger from his car because his phone was running out of battery. While I was waiting, he suddenly ran away,” he said.
Tan claimed he attempted to stop the suspect but was threatened by another individual in the vehicle.
Despite lodging a police report, he said he had yet to recover his money or a mobile phone that was allegedly left in the suspect’s car.
Believing the suspect was continuing to target others, Tan later worked with fellow victims to identify and locate the suspect before handing information over to the police.
Another victim, identified only as Zhou, a 21-year-old student from Fujian, China, said she was approached through Reddit by an individual offering currency exchange services.
She claimed to have transferred 1,564 yuan (RM930) before being told to pay an additional fee after the promised funds failed to arrive.
After paying another RM100, Zhou alleged the suspect disappeared and later demanded a “special favour” in exchange for returning her money.
“I felt disgusted and refused,” she said.
Malaysia-China Friendship and Mutual Aid Association secretary-general Datuk Goh Boon Keng, who was present at the press conference, said there have been similar complaints involving illegal currency exchange arrangements.
He added that many victims were international students unfamiliar with local banking systems and seeking faster alternatives.
“When dealing with unlicensed money changers, victims not only risk losing their money but may also have little chance of recovering it,” he said.
