Fake ‘Datuk Seri’ Scammed 38 Investors Out of Millions in a Forex Scam

A total of 38 Malaysians have collectively lost more than RM4.9 million in what appears to be a large-scale foreign exchange (forex) investment scam allegedly masterminded by a man posing as a “Datuk Seri”. Among the victims is a businessman who claims his entire familys savings (exceeding RM1 million) vanished after they were lured into the fraudulent scheme.

The businessman, known only as Mr Lim, 56, revealed that he, his wife, and two children invested heavily after being persuaded by the so-called “Datuk Seri”, who promised quick and high returns from forex trading. However, months later, none of the promised profits materialised. The family‘s entire investment, which included money from Lim’s business earnings and his childrens savings, was wiped out.

Speaking at a press conference held after submitting a petition to the Commercial Crime Investigation Department (CCID) in Bukit Aman, Lim expressed deep regret and frustration. He said many victims chose to remain silent out of embarrassment, but he decided to speak up to warn others, especially the younger generation, against falling for similar scams.

The group of victims was accompanied by the Secretary-General of the Malaysian International Humanitarian Organisation (MHO), Datuk Hishamuddin Hashim, and public relations representative Hu Jie Liang. According to Hishamuddin, MHO has received 38 complaints related to the same fraudulent forex investment, with total reported losses exceeding RM4.9 million.

Hishamuddin urged the authorities to take firm action, calling on the CCID Director, Datuk Rusdi Mohd Isa, to investigate the case under Section 420 of the Penal Code for cheating. He also revealed that MHO had previously lodged a police report and submitted a complaint to the Labuan Financial Services Authority (LFSA), but so far, no investors had been called in for questioning.

Reports from August indicated that at least 38 investors were deceived into investing through a brokerage firm licensed by LFSA to conduct currency trading. The company had allegedly promised monthly returns of between 7% and 10%, claiming to be a legitimate forex trading entity. Trusting its credentials, the victims poured in millions only to discover later that their funds had disappeared without a trace.