KUALA LUMPUR: An Indonesian woman claimed to have lost more than RM4 million after being deceived by a Labuan-based foreign currency (Forex) investment syndicate.
The woman, known only as Suzy, 53, said she started investing in the investment company since 2020 with a total of S$1.3 million deposited into two local bank accounts belonging to the company.
According to the Singapore-based woman, she only had time to enjoy a dividend of about 20 per cent per annum in 2021 and 2022 from the company before the company started giving various reasons when asked about the dividend last year.
“When I asked about this year’s dividend, the company told them, among others, that the company’s licence was suspended by the government, until now I have not been able to withdraw the money deposited into the company’s account,“ she told reporters after filing a police report on the matter at the Dang Wangi police headqurters, here today.
Also present was Malaysian International Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim.
Meanwhile, Hishamuddin said the department had received 69 complaints involving victims from Singapore, Indonesia and Brunei who were deceived by the investment syndicate involving losses amounting to RM40 million.
He said the investment syndicate deceived victims by using a financial broker licence registered in Labuan and using the services of marketing agencies to find individuals interested in investing.
He also claimed that the syndicate was responsible for deceiving more than 500 locals with losses estimated at RM100 million.
According to Hishamuddin, he understood that the police had opened investigation papers on 90 per cent of cases involving locals and were being investigated under Section 420 of the Penal Code for cheating.
He believed there was an element of cross-border crime in the case and the government could take legal action against the company and the individuals responsible as it involved companies registered in the country and money deposited into local bank accounts.
According to him, the authorities should take the case seriously to protect the country’s good name from being seen as a fraud syndicate hub.
