RM104.75M Forex Scam Sparks Outrage as Victims Seek Justice!

Victims Demand Justice in RM104.75 Million Forex Scam

A massive forex investment scam has left hundreds devastated, with victims rallying outside Bank Negara Malaysias (BNM) Penang branch on December 9, calling for urgent action. Over 200 individuals—ranging from retirees to professionals such as lawyers, doctors, and bankers—gathered at Lebuh Light to demand accountability for losses amounting to a staggering RM104.75 million.

The fraudulent scheme, allegedly operated by a Russian mastermind, attracted 388 investors, including 80 from Indonesia and 30 from Singapore, according to Malaysia International Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim.

Hishamuddin revealed that many victims remain silent due to threats from the operators. “The mastermind warned investors against filing police reports, threatening to stop repayments,” he said. Individual investments reportedly ranged from RM20,000 to over RM1 million each.

The scheme involved a company registered in both Indonesia and Labuan, allegedly under the management of a licensed Malaysian broker.

Victims Share Their Stories

One victim, Lee, a 33-year-old recruiter, claimed he had tirelessly built a network of 1,000 downliners, believing he had earned RM3 million. Another victim, Hun, invested RM100,000 of his own money and recruited 300 individuals. “We even spotted the mastermind in Penang, protected by bodyguards. But payments stopped in 2022, and he disappeared,” Hun said.

The scheme, which operated smoothly from 2016 to 2022, offered consistent payouts that convinced investors to pour in more money and bring others into the fold. But the too-good-to-be-true facade unraveled last year, leaving investors with significant losses.

Another investor, Tan, recounted how his group of 50 to 60 individuals lost RM10 million collectively. “We invested RM5 million and were owed another RM10 million in profits stuck in accounts,” said the 32-year-old.

Hishamuddin emphasized the urgency of the situation, urging BNM to act swiftly and prosecute the perpetrators, even if they operate from overseas. Malaysian law, he explained, provides avenues to pursue justice against international offenders.

Final Thoughts

This shocking incident serves as a reminder of the dangers lurking in high-return investment schemes. Victims of financial fraud deserve timely justice, and authorities must act decisively to hold perpetrators accountable. Let this be a wake-up call for tighter regulations and public awareness to prevent such tragedies in the future.