Duped in forex scam
AN airline clerk has found himself in a bind after spending RM52,000 in a suspected foreign exchange market (forex) scam.
The 42-year-old, who requested to be known only as Mohamed, claimed that he had been duped by an intermediary who introduced him to forex trading.
“I met a man in early 2009 and he taught me how to do forex trading.
“I registered myself with a company in Singapore and for the first week, I made RM50 to RM150 in profit every day.
“The week after that, however, I lost money and decided to stop trading,” Mohamed said during a press conference at the state MCA headquarters in Pahang Road.
The father of five cleaned out his account with the Singaporean broker making an RM2,000 loss but said the man later convinced him to continue trading.
“He said he would trade on my behalf.
“I don’t know how I allowed him to convince me, but I deposited RM11,000 into his bank account on Sept 2, 2009.
“Over the next year, I made about half a dozen transactions with him amounting to a total of RM52,000,” Mohamed said.
He said the man had deposited several hundred ringgit of ‘earnings’ back into his account three times but then stopped taking his calls.
“Since I made the last transaction of RM10,000 to him on July 7, 2010, I have been calling him almost every day to get my money back.
“I’m not a stupid man but I believe I was charmed into giving him the money.
“He used to take my calls but after a while, he told me to stop calling or he would use bomoh (witch doctor) methods to kill me,” Mohamed said, breaking into tears.
He said he frequently visited the man’s house in Butterworth but was told by family members there that the latter was no longer around.
Mohamed said he made a police report at the Petani Road police station on Jan 30 this year in a final effort to get his money back.
“I brought the police to his house and they sent an official request for him to come to the station and give a statement, but until now, he is nowhere to be found,” Mohamed claimed.
State MCA Public Services and Complaints Bureau deputy chief Lim Thoon Deong urged Bank Negara to come out with a list of precautions on forex trading so the public could be aware of its complexities.
“People think they can make money quickly but the problem is that many are ignorant on how to operate forex.
“In actual fact, it is for big timers who understand the system.
“It is very dangerous if you don’t know what you are doing,” Lim said.
He added that MCA would follow up with the police on Mohamed’s case.
Komtar Barisan Nasional co-ordinator Loh Chye Teik, who was also present, urged the public to consult with trusted figures like accountants before participating in any investment schemes.