CEO loses RM1 million in Forex investments

CEO loses RM1 million in Forex investments

MELAKA: Due to the pull of lucrative returns on stock investments, a chief executive officer (CEO) lost RM1 million in foreign exchange (forex) investments he had been involved in since 2018.

Head of the Commercial Crime Investigation Department, Melaka Contingent Police Headquarters, Superintendent E. Sundra Rajan said the 53-year-old male victim had made seven investment capital payment transactions over a period of about three years.

He said the victim, however, only received a return of RM50,000 in stages before the suspect disappeared.

“The 44-year-old suspect is the owner of a company that teaches people to invest in stocks, and the victim became interested in investing in forex after meeting the former.

“The victim realised he was deceived as his returns did not commensurate with the capital invested and lodged a report at the Malim Police Station on Dec 31. The case is being investigated under Section 420 of the Penal Code for cheating,“ he said in a statement here, tonight.

He said the suspect was arrested at a premises in Seremban, Negeri Sembilan yesterday, and various investment-related documents were confisicated to assist with further investigations. The suspect has been placed under remand until Jan 8.

In another development, he said a clerk in her 30s lost RM92,450 after trying to get a loan of RM30,000 through a website that advertised moneylending services on Dec 30.

He said the victim lodged a report at the Malim Police Station two days ago and the case is being investigated under Section 420 of the Penal Code for cheating.

He advised the public to apply for loans through licenced financial institutions and check on dubious phone numbers or account numbers via the website ‘http://ccid.rmp.gov.my/semakmule’ or by downloading the ‘Check Scammer CCID’ application on the Google Play Store.- Bernama