Oxford MBA graduate held over $11.3m forex scam

Oxford MBA graduate held over $11.3m forex scam
PHOTO: The Straits Times

SHAH ALAM: He had a Masters of Business Administration from Oxford. And that was just one of the few legitimate things that a 50-year-old man had in his dealings with a businesswoman from China whom he had convinced to part with about US$8 million (RM34.4 million or S$11.3 million).

After receiving the money, the man went missing.

Police arrested the man, said to be a syndicate mastermind, on Nov 29. They said he had lured the businesswoman into taking part in a foreign exchange deal that promised between 10% and 15% return on investment.

To convince her, he had even invited her to visit Malaysia where he showed off his wealth, purportedly made through forex trading.

But the 27-year-old woman never heard from him after transferring the US$8 million into his account.

Fearing she had been duped, she returned to Malaysia and lodged a police report.

Federal Commercial Crime Investigation Department (CCID) deputy director Senior Deputy Comm Datuk Hamza Taib said a task force was set up to investigate the case.

"Following investigations, police raided a condominium in Kuala Lumpur on Nov 29 and arrested the man.

"A second team simultaneously arrested his accomplice, a 34-year-old man at the parking lot of a shopping mall near Lingkaran Syed Putra," he told reporters at the Selangor police headquarters yesterday.

He said police also seized RM2.7 million in cash, a Toyota Vellfire, a Honda CRV, three mobile phones, a fake passport, fake identification cards, four international management folders and other items.

"According to the victim, the syndicate told the woman that it was possible to get huge returns on her investment.

"They brought her to a luxury house and showed off their expensive vehicles," he said, adding that although the investment company was registered, they used fake identities and fake passports to avoid getting caught.

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