500 Victims Fall Prey to Forex Scams in Malaysia by Mid-2023!

In a concerning development, 500 individuals have fallen prey to scammers operating fraudulent investment schemes, resulting in a collective loss of nearly RM1 million. These victims have taken action by submitting a formal complaint to the Malaysian Securities Commission (SC), urging them to investigate the companies involved in suspected criminal breach of trust and defrauding innocent people.

Datuk Hishamuddin Hashim, the secretary-general of the Malaysian International Humanitarian Organisation (MHO), spoke on behalf of the victims. He revealed that several investment companies enticed the public with promises of high dividend rates and lucrative returns, only to deceive them in the end.

During a press conference following the submission of the report to the Malaysian Securities Commission (SC), Datuk Hishamuddin Hashim, the secretary-general of the Malaysian International Humanitarian Organisation (MHO), shed light on the deceptive tactics employed by these unscrupulous companies. He revealed that these fraudsters went to the extent of using the names of prominent individuals, including celebrities, members of the royal family, former government officials, and religious figures, falsely associating them with their fraudulent investment schemes.

According to Datuk Hishamuddin Hashim, the victims of these scams have invested significant amounts ranging from RM100,000 to millions of ringgit. Shockingly, many of them utilized their hard-earned retirement funds and personal savings to participate in these schemes, only to fall victim to financial deceit and manipulation.

On March, 2023, the Malaysian International Humanitarian Organisation (MHO) took decisive action by filing a police report at the Sentul District Police Headquarters concerning this issue, as stated by Datuk Hishamuddin Hashim.

Harun Mohd Yunus, 63, who is among the victims, revealed that he initially earned over RM6,000 for four consecutive months after joining an investment scheme in October 2021. However, the situation took a turn for the worse when he stopped receiving any payouts. Promised a return of his investment after two months, he was left empty-handed.

Anisa Talib, a housewife, shared her devastating experience of losing over RM100,000 from her and her children's savings. The scam not only robbed her of her hard-earned money but also resulted in health issues and domestic problems, compounding her distress.

These personal accounts highlight the devastating impact of falling victim to such fraudulent schemes, emphasizing the urgent need for action and justice.

Recently, there was a forex scam case involving Herzen that has affected many forex investors in Malaysia. For detailed information, please visit

https://www.wikifx.com/en/newsdetail/202305128734816730.html?source=emily

Many victims now suspect that Herzen's claim of being hacked is just a delaying tactic, and the real reasons behind the scam are not as simple as hacking. A lot of investors have yet to receive a satisfactory response. For more details on the Herzen case, stay tuned to WikiFX.

There are numerous deceptive tactics employed by fraudulent forex brokers, and one common technique that lures a significant number of people into trading is the promise of “high returns with low risk, effortless profits.” This has unfortunately ensnared many Malaysians!

However, is there truly a free lunch in this world？ Certainly not!

If you want to enter the forex market and earn additional income, it's crucial to use the right methods. If you're seeking overnight wealth, you're definitely their target.

WikiFX is an all-in-one platform that not only allows you to check the credibility of brokers but also provides user reviews.

Additionally, WikiFX offers a wealth of informative articles to help beginners and professional forex investors enhance their trading knowledge and skills. You can also find current news in WikiFX, keeping users informed about events big and small within the forex industry. And if you're looking for technical analysis, WikiFX has got you covered.

You can also avoid falling into the trap of forex scams! Download WikiFX now and start your forex journey.