KUALA LUMPUR: A total of 72 investors from Singapore, Indonesia and Brunei have travelled to Malaysia to lodge police reports over a forex investment scam which has been active for eight years.

The investors transferred funds into the local bank accounts of the syndicate in 2020.

They have been unable to withdraw their investment funds since last year and their collective financial loss is estimated at close to RM40 million.

Malaysia International Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim, who had earlier disclosed that the syndicate had raked in over RM100 million of fund, said a total of 28 investors from Singapore, 28 from Indonesia, and 16 from Brunei lodged police reports at Dang Wangi district police headquarters on Monday.

The investors transferred funds to a forex company registered in Labuan.

One of the investors from Singapore even mortgaged his property for the investment, Hishamuddin said.

They invested in the company since 2020, and discovered last year that they could not withdraw from their funds.

Hishamuddin said all investors were unable to verify whether the forex company carried out the investment, or the so-called investment company was actually a scam.

The syndicate did not only dupe Malaysians but also victims from neighbouring countries, he said.

“For sure this is an international syndicate. The police and Bank Negara should initiate investigation to bring the three masterminds to book,” he said.

MHO had called for a press conference on 20 August to disclose that an Indonesian man working with a Malaysian and a Russian forex expert to lure investors promising high returns.

The trio were believed to have duped 400 Malaysians up to RM100 million of funds.

The syndicate allegedly used various companies, including the Companies Commission of Malaysia, Labuan Financial Services Authority, a company registered in Indonesia, and two other forex broker platforms in Indonesia and the United Arab Emirates to carry out its activities.

An Indonesian woman from Singapore identified as Suzy, 57, claimed that she transferred a total of S$1.3 million (RM4.3 million) io the forex investment company’s two bank accounts in 2020.

She had received interests and withdrew funds during the investment period, but was unable to perform withdrawal last year.

Suzy got to know about the forex investment company through a friend. She also attended the investment course conducted by the syndicate to master investment knowledge before starting to invest.

As she was receiving interests and withdrawing funds, Suzy said she increased her investment sum and even referred the company to her friends.

Despite not receiving commissions, Suzy said she received rebates for administrative charges similar to referral fees.

Another Indonesian who declined to be named said the syndicate had conducted many investment talks in Indonesia to gain investors’ trust, and she got to know the company through such talks.