Police Investigate RM100,000 Forex Scam Targeting Malaysian Businessman

Malaysian Sarawak Police are investigating a foreign exchange scam that reportedly cost a local businessman RM100,000. The victim, a manager at a private company in his 30s, fell prey to an online forex trading fraudster.

The scam began in late August 2024, when the victim connected with the suspect through social media. Seeking to exchange Malaysian ringgit for Chinese yuan, the victim was persuaded to engage in transactions after building a rapport with the suspect via WhatsApp. Over the subsequent months, he transferred funds in stages to a bank account provided by the suspect.

By December 2024, the total amount sent had reached approximately RM100,000. However, the scammer became uncontactable after receiving the final transaction, raising the victim’s suspicions and prompting a report to the Police.

Local authorities continue to investigate the case, urging the public to exercise caution with online financial transactions, especially with unknown individuals, as incidents of online scams continue to rise.

This case serves as a crucial wake-up call for traders exploring online forex trading opportunities. BrokersView recommends staying informed and vigilant to protect yourself and your funds from potential fraud.