SHAH ALAM - A company director suffered RM5.5 million in losses after falling prey to a foreign currency exchange (forex) scam.
Selangor police chief Datuk Hussein Omar Khan said the victim was acquainted with the suspect, who is from Sarawak.
He had previously conducted several small currency exchanges, converting Malaysian ringgit to Vietnamese dong for salary payments and business operations in Vietnam.
"In late March 2025, the victim conducted a large-scale currency exchange for RM6.5 million. However, to date, he has only received RM900,000 worth of Vietnamese dong.
"He was instructed to make 15 transfers to seven different bank accounts, totaling RM6.5 million. The scam only became apparent when the suspect kept making excuses to avoid paying the balance,” he said in a statement today.
Hussein advised the public to exercise caution when dealing with foreign currency exchanges and to only transact with entities registered with Bank Negara Malaysia.
The case is being investigated under Section 420 of the Penal Code. - BERNAMA