47yo man loses over RM377,000 in fake forex investment scam promising high returns

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By DayakDaily Team

KUCHING, May 28: A 47-year-old man lost more than RM377,000 after falling victim to a fake forex investment scheme known as “MAXIMA”, which was introduced to him during a face-to-face meeting and promised attractive monthly returns.

Kuching District Police chief ACP Alexson Naga Chabu said the Commercial Crime Investigation Division received a report stating that the victim was first introduced to the scheme by a friend during a meet-up at about 5pm in January 2025 while he was in Kota Damansara, Selangor.

“The scheme promised fixed monthly returns of between 8 and 15 per cent, which persuaded the victim to participate.

“Later, at his residence in Tabuan Jaya, Kuching, the complainant made 14 bank transfer transactions to four different bank accounts and also handed over cash on one occasion,” he said in a statement yesterday (May 27).

The victim eventually invested a total of RM429,047.20 into the scheme, but only RM51,614 was returned.

He later realised he had been cheated after failing to withdraw both his capital and the promised profits, resulting in total losses of RM377,433.20.

Alexson said the case is being investigated under Section 420 of the Penal Code for cheating and dishonestly inducing the delivery of property, an offence punishable by imprisonment of between one and 10 years, whipping, and a fine upon conviction.

He urged the public to remain cautious of investment offers circulating on social media and to conduct proper checks before committing any funds.

Members of the public are encouraged to verify investment schemes through Bank Negara Malaysia at www.bnm.gov.my or via BNM Telelink at 1-300-88-5465. Checks can also be made through the Securities Commission Malaysia at www.sc.com.my or 03-6204 8999.— DayakDaily

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