Protest outside Bank Negara demands action over RM100mil forex scam

GEORGE TOWN: A massive forex investment scam that has allegedly defrauded 388 victims across multiple countries of RM104.75mil since 2016 has prompted calls for swift action.

The scam, allegedly orchestrated by individuals claiming to be Russian financial experts, promised high annual returns of 20-30%.

The victims, ranging from professionals to retirees, claimed that after payments ceased in 2022, they realised they had been cheated and their profits frozen in the accounts they had no control over.

Each individual was said to have lost between RM20,000 to over RM1mil, according to Malaysia International Humanitarian Organisation (MHO) Datuk Hishamuddin Hashim, who held a press conference outside Bank Negara Malaysia’s office in Penang’s Lebuh Light on Monday (Dec 9).

Some 200 victims attended the gathering to demand justice and press for accountability from authorities.

According to Hishamuddin, the scam involves companies registered in Indonesia and Labuan, allegedly managed by a licensed forex broker in Malaysia.