KUALA LUMPUR: Nearly 400 victims of an investment fraud are urging the Labuan Financial Services Authority (Labuan FSA) to take stringent action against a company believed to be running an illegal foreign exchange (Forex) investment scheme, causing investors to lose more than RM104mil.
A group of more than 50 victims were present at the Labuan FSA office compound in the capital on Monday (Jan 13), urging the body to not only impose liquidation action on the company as was done in 2023, but also to investigate and punish it under criminal procedures.
One victim identified only as Tan, 33, who started investing with the company after being invited by a friend since 2016, questioned how the company easily obtained a licence to the point of being able to dupe investors into investing millions of ringgit.
"I received returns from the company throughout the period I invested, but since 2023 the company has failed to provide returns and when asked it gave various excuses,” he said at a press conference at the Labuan FSA office here Monday.
Another victim, Datuk Danny Goh, 57, who claimed to have suffered losses of RM10 million after investing with the company since 2018, was disappointed that no action had been taken to bring the company to justice despite several police reports being made nationwide since September last year.
"I really hope strict action can be taken against the company that has been operating since 2016 so it can serve as a warning to others and make the community aware of this matter,” he said.
Meanwhile, the secretary-general of the Malaysian International Humanitarian Organisation (MHO), Datuk Hishamuddin Hashim said MHO, which represents victims, had received complaints not only in this country, but also from Indonesia, Singapore and Brunei.
"This Forex trading is not allowed to be promoted to the public because it can only be carried out by companies licensed by Bank Negara Malaysia (BNM), but this company has used its money brokerage licence to deceive public investors that their investment scheme is regulated by Labuan FSA," he said.
Hishamuddin said that although Labuan FSA has acted to dissolve the Labuan-based company, his party is urging that action be taken according to criminal procedures including the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA). - Bernama
