Screenshot of a breaking news alert e-mail from Q2 Please check your email to confirm your subscription Something went wrong We hate SPAM and promise to keep your email address safe x The Malaysian Straight Times is reporting that a group of Malaysian investors is now seeking answers after they thought they were investing in a reliable FX trading strategy from a company called RCFX but, in the end, failed to get their promised returns.
The group claimed they have been cheated out of RM, Malaysian Ringgit , Signs of Scam A spokesman for the group said they suspected something awry when the person handling their investments — known as Lau — started coming out with all sorts of excuses within the past year each time they asked about their promised returns. The group also said they became perplexed further due to the fact the company RCFX and its operators started to change names very frequently.
More than 10 investors who lost money showed up for a press conference with the spokesman for the group saying: Of late, however, Lau has refused to even answer our calls.
They subsequently met Lau at cafes to hand over money for investments. The group spokesman continued: It was indeed a colorful scheme.
It was better than what banks promise… At that time, we thought nothing about it, except to make some extra cash. About 29 of us, aged between 24 and 50, got some of our friends to invest and we managed to collect RM, in total. In the beginning, we saw the promised return coming in nicely on paper. However, each time we wanted to withdraw our promised return, Lau would say that would reduce our capital and we could end up getting a lesser return.
The group lodged police reports in July but there has been no progress to date. Meanwhile, Sim urged the police to expedite investigations and for Bank Negara Malaysia to act on companies offering such schemes. The Times reported that two other such trading scams have been busted in recent months.
Both companies are being probed by the authorities. Forex trading regulation in Malaysia is still in its infancy. This commission overlooks exchange-traded products, including commodity and Forex futures and how financial brokers operate in the country.
Screenshot of a breaking news alert e-mail from Q2 Please check your email to confirm your subscription. We hate SPAM and promise to keep your email address safe. FX Industry Week Review: Bitcoin Futures by the end of December 1, Send to a friend Newsletter signup. Send this to a friend Your email Recipient email Send Cancel. Fill out the form below for more information for lising in LeapRate's Forex Yellow Pages Please enter the company name, email address to reach you and phone optional:.
Please fill out the message field to the right for any questions or special inquiry:.More...