News reports: A Malaysian man in his fifties lost RM485,320 in a forex scam.
Sibu OCPD Asst Comm Zulkipli Suhaili stated that on May 23, his commercial crime investigation section got a report from a victim who claimed he had been scammed.
“In his report, the victim stated that he had been added to a chat group offering a forex investment opportunity in Hong Kong promising double returns,” he said.
According to ACP Zulkipli, the man made a first RM20,000 deposit before being instructed to download the “Meta Traders 4” application.
“From November 2022 to March 2023, the victim made 109 transactions into two separate accounts,” he added, adding that the victim lost a total of RM485,320.
“He became suspicious when he was asked to deposit another RM11,000 in order for ‘trader agents’ to come to Sibu to meet him,” he explained.
The victim subsequently sought a lawyer, who informed him that he had been duped.
Forex Scams in Malaysia
Malaysia has seen an alarming increase in forex scams perpetrated by unregulated offshore brokers in recent years. These brokers frequently entice naive investors by promising large profits with low risks. The truth, however, is far from these appealing assurances.
Many victims have experienced issues withdrawing their monies, with brokers employing a variety of strategies to postpone or refuse withdrawals entirely.
Because of the lack of regulatory control in offshore locations, Malaysian authorities are finding it difficult to take meaningful action against these fraudulent firms. As a result, investors are recommended to exercise caution and undertake extensive research before engaging with any forex broker in order to avoid falling victim to these frauds.