Malaysian Company Director Loses Over RM 5.5 Million in Foreign Currency Exchange Scam

A Malaysian company director reportedly lost more than RM 5.5 million to a foreign currency exchange scam. 

The victim, who had a prior acquaintance with the suspect from Sarawak, had conducted several small currency exchanges in the past. He converted Malaysian ringgit into Vietnamese dong for salary payments and business operations in Vietnam.

However, the situation changed in late March 2025, when the victim attempted a large-scale currency exchange amounting to RM 6.5 million. Despite transferring the total sum in 15 transactions to seven different bank accounts as instructed, the victim received only RM 900,000 worth of Vietnamese dong.

The scam came to light when the suspect continually made excuses to evade requests to pay the remaining balance.

Malaysian police officials have urged individuals to exercise caution when dealing with foreign currency exchanges and to only transact with entities registered with Bank Negara Malaysia to avoid falling victim to similar scams.