The Malaysian International Humanitarian Organization (MHO), which received 388 complaints from Malaysia and 72 from Indonesia and Singapore, led more than a hundred complainants to the Bank Negara branch in Penang on Monday to accuse involvement in a company's forex trading investment plan scam, with total losses amounting to RM 104,753,810.37!
The Secretary-General of the Malaysian International Humanitarian Organization, Dato' Siahanmudin, said that these investors were scammed after participating in a company's forex trading investment plan. The scam involved a company appointed as a Malaysian investment broker.
He revealed that the investment was managed by a Russian citizen, who is said to have extensive professional knowledge and experience in forex trading and actively conducted courses and promotions in Malaysia.
He stated, individuals invited to participate in the investment plan included nationals from Malaysia, Indonesia, and Russia.
"The reason complainants were attracted to join the investment plan is that they were promised attractive returns. In addition, some banks in Malaysia were allegedly used as a medium for transferring money abroad for the investment plan. It is understood that these masterminds were actively promoting such forex investment plans in Indonesia and Singapore as well."
He said at a press conference on Monday that today's press conference is to allow complainants to lodge complaints with Bank Negara to investigate and prosecute individuals and companies involved in this forex investment plan fraud.
Siahanmudin pointed out that the complainants gathered at Bank Negara in Penang have reported the case to the police, and the case is being investigated under Section 420 of the Penal Code.
He stated, "MHO believes that the laws violated by the company include the Interest Schemes Act 2012, the Companies Act 2016, the Capital Markets and Services Act 2007, the Securities Commission Act 1993, the Anti-Money Laundering Act, the Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, and the Financial Services Act 2013."
Additionally, the Chinese community public relations representative of MHO, Hu Jieli, said this is a transnational crime, and many victims have not yet come forward; therefore, it is believed that the actual amount lost is more significant. He stated that most victims are from Penang.
"The perpetrating company attracted investors with a return of 1% or 2% per month. Initially, investors received returns, but the company stopped distributing interest last year, and investors could not retrieve their investments."
He also reminded the public that in Malaysia, forex investment companies can only transact with banks and not personal transactions.
One of the investors, Mr. Han, said one of the leaders of the fraud group hails from Penang, and many people still saw him in Penang last month, accompanied by multiple bodyguards.