41 More Victims Reported in a RM10-Million Forex Scam in Malaysia

A major forex investment scam in Malaysia has claimed more victims, with 41 individuals coming forward to report additional losses amounting to RM6.1 million. This brings the total losses linked to the scheme to over RM10 million.

Following these new reports, the recently appointed Director of the Bukit Aman Commercial Crime Investigation Department, Datuk Rusdi, has ordered a full investigation. Police have now accepted around 90% of the new complaints for further action.

The victims, supported by the Malaysian International Humanitarian Organization (MHO), held a press conference today urging authorities to take swift and firm action to arrest those responsible and dismantle the syndicate behind the scam.

MHO Secretary-General Datuk Hishamuddin expressed appreciation to Datuk Rusdi for prioritizing the case and ensuring that the majority of reports were officially acknowledged. He noted that most of the cases are being investigated under Section 420 of the Penal Code, related to fraud, and Section 4(1) of the Anti-Money Laundering and Anti-Terrorism Financing Act (AMLA) 2001. A smaller number of cases have been categorized for reference only.

“Many of the victims are thankful that the police are now taking the matter seriously,” Hishamuddin said.

He also encouraged victims whose reports were previously marked as “No Further Action” (NFA) to contact MHO for assistance. The organization is prepared to help them formally request a review of their cases.

Speaking on behalf of the Chinese community, MHO spokesperson Mr. Hu Jieliang emphasized the urgency of the situation. While he acknowledged that investigations take time, he warned that the individuals behind the scam remain at large and are likely still targeting new victims.

“We hope the police can act more quickly to prevent further losses. All of the victims present today were deceived by the same forex investment group that MHO has been working to expose,” he said.

According to Mr. Hu, many of the victims began investing as early as 2016. However, by 2022, returns had stopped completely, and some investors have since lost all contact with their brokers.

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