Businessman loses RM5.5 million in forex scam involving Vietnamese Dong after placing trust in an unlicensed dealer in Miri.

KUALA LUMPUR, April 4 — A company director lost RM5.5 million after allegedly falling victim to a foreign exchange scam.

Selangor police chief Datuk Hussein Omar Khan stated that the Selangor Commercial Crime Investigation Department received a report from the 42-year-old male victim, who claimed he made a foreign exchange transaction involving Malaysian Ringgit and Vietnamese Dong to pay wages and other expenses for his company in Vietnam.

"Investigations revealed that the victim had known a man from Miri, Sarawak, who had previously carried out several small currency exchange deals. At the end of March, the victim made a large transaction worth RM6.5 million but only received Vietnamese Dong equivalent to RM900,000," he said in a statement last night, adding that the victim made 15 transactions to seven different accounts.

Hussein mentioned that the victim realized he had been scammed when the suspect began making excuses and avoided paying the remaining balance. The case is currently being investigated under Section 420 of the Penal Code for cheating.

He urged the public to be cautious when engaging in foreign currency exchanges and to only deal with registered foreign exchange companies authorized by Bank Negara. — Bernama