Syndicate believed to have embezzled RM80 million from 23,000 victims
HANI SHAMIRA SHAHRUDIN KUALA LUMPUR firstname.lastname@example.org
AN illegal foreign exchange (forex) trading syndicate, which embezzled RM80 million from more than 23,000 victims, has been crippled with the arrest of six people.
The six, including a woman, were nabbed in several raids in the Klang Valley and Pahang on Tuesday.
Commercial Crime Investigation Department (CCID) director Datuk Acryl Sani Abdullah Sani said the department had received 408 reports on the forex investment scheme, managed by a company named “VenusFX”.
“Based on our investigations, the company, which duped victims into investing in forex trading, does not exist,” he said,