A BUSINESSMAN known only as Lim has claimed that he, his wife, and their two children lost over RM1 million after falling victim to a Forex investment scam in 2022.
Lim said all his savings were wiped out after being lured by promises of high returns from an individual believed to hold the title “Datuk Seri.”
“I was deceived by an individual believed to have the title Datuk Seri in 2022 and only realised I had been scammed several months later, towards the end of that year.
“All my business savings and even my children’s savings are gone. I urge the authorities to investigate and arrest the perpetrator,” he told a press conference in Kuala Lumpur today.
Lim also warned young people to be wary of investment schemes, even those claiming to be licensed, saying that fraudsters often use convincing tactics to manipulate victims.
“Many other victims are still afraid to come forward, but I will continue to speak up. I hope this case serves as a warning to the younger generation to be cautious and not fall prey to scammers,” he said.
Malaysian Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim said his team submitted a formal letter to the Director of Bukit Aman’s Commercial Crime Investigation Department (JSJK), Datuk Rusdi Mohd Isa, urging a comprehensive investigation into the alleged Forex investment syndicate under Section 420 of the Penal Code.
“MHO has received complaints from 38 individuals claiming to be victims of a Forex investment programme run by a company purportedly registered with the Labuan Financial Services Authority (LFSA).
“The company offered and promised extremely attractive returns from Forex trading. The total amount invested by all victims was RM4,953,722.10,” he said.
Hishamuddin explained that the victims’ funds were not transferred directly to investment accounts but channelled to a custodian account in Labuan, under the pretext that the company was licensed to receive funds on behalf of investors.
However, he noted that many investors were misled about the nature of the licence.
“Many believed that a Money Brokerage Licence authorised the company to conduct Forex investments, when in fact it only permits transactions with licensed entities such as banks and financial institutions — not with public investors,” he said.
He added that MHO had previously lodged police reports and complaints with the LFSA, but no victims had been called to give statements so far.
“The complainants are disappointed as they have not been contacted for interviews, and were told the company is supposedly already under JSJK Bukit Aman’s monitoring,” he said. - November 5, 2025
