Financial Scam

Selangor Police have arrested five men believed to be the operators of a foreign exchange investment cheating scheme involving about 1,000 victims with losses amounting to over RM5mil.

Commercial CID chief ACP Mohd Sakri Ariffin said two of the suspects who acted as masterminds were known as 'King Money' and 'Financial Controller'. Three other recruits were called “Introducer Broker” (IB) to fish for individuals to put in their private investments.

He said King Money and Financial Controller who were believed to be active since 2014, were arrested two days ago following a report by a victim on Sunday who allegedly lost RM7,600 in the scheme.

The modus operandi of the suspects was to collect 20 per cent of each victim's investment and the balance would be channeled into the fixed deposit accounts of King Money in two companies not registered for foreign exchange.

To gain the confidence of investors, the group would trick the victim by claiming they were buying via an Australian foreign exchange website and the money was invested there. The victims were promised 2.8 per cent dividend daily and were given an international foreign exchange website ID to monitor a fake site.

The victims of the fraud comprised locals, Indonesians and Brunei nationals.

ACP Sakri said the investment victims' money would used as rolling money for other victims if they became suspicious and wanted to withdraw.

Police also seized two luxury cars belonging to 'King Money' and 'Financial Controller' as well as investment documents and several cheque books.

He urged victims who invested via www.my.moorescaptal.com or www.nexusfx.com to come forward and lodge their reports to aid police investigation.