GCG Asia’s Forex Investments

Police arrested 10 individuals, including a man carrying the title “Datuk”, for their suspected involvement in fraudulent forex investment schemes in five states. Bukit Aman Commercial Crime Investigation Department director said they comprised nine men and a woman aged 29 to 64, detained in Perak, Selangor, Kuala Lumpur, Melaka and Johor.

Police seized were various items including nine luxury vehicles, 64 watches and five gold ingots weighing five kilogrammes, estimated to be worth almost RM127 million.

12% - 14% weekly rate of return - the syndicate is known as GCG Asia Forex Investments and has been active since 2018, and the suspects concerned were acting as brokers, investor searching agents, financial managers and account holders. The syndicate targets locals as victims and they promote forex-based investments with a weekly rate of return of between 12 and 14 per cent of the total capital invested. 

The syndicate promised investors that their money would be invested by GCG Asia in various mediums to generate huge profits. Investors will be given an investment website link along with a password, and they will be able to see the amount of “profits earned”, however, it cannot be transferred or cashed out.

The syndicate will then sever communication with investors after getting a substantial amount of investment and stop the operation of the investment scheme abruptly. Dissatisfied investors will feel cheated for not getting the promised returns.

To date, a total of 23 cases are being investigated related to GCG Asia’s forex investment fraud involving losses amounting to RM2.9 million. Nine of the suspects were under remand until today, while another was remanded yesterday, and an application to extend their remand order was currently underway. Four of the suspects were also found to have fraud-related criminal records.

Another Datuk - The 40-year-old mastermind holds the title of Datuk, who calls himself ‘Datuk Seri’ under their modus operandi. He also has a Master’s degree in Business Administration.

Check if the companies offering such investments were licensed by Bank Negara Malaysia to do so. Verify their accounts and phone lines through the website http://ccid.rmp.gov.my/semakmule/ to know whether they have been involved in fraud cases reported previously.

Inform CCID Scam Response Centre at 03-26101559 or 03-26101599 if you have any information regarding fraud syndicates found on social media.