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FOREX scams

PETALING JAYA: The number of foreign exchange (forex) scams are on the rise."The cost of living is rising and many are jumping at any chance to make quick money," said National Consumer Complaints Centre (NCCC) director Darshan Singh. "We need the regulators to protect us. They must set a certain criteria for companies to employ investment managers as they are advising people on investments."Many of them are fresh graduates who do not know how to manage their own finances, and yet they are employed to advise others." If left unchecked, said Darshan, this would add to the debt culture and increase the number of bankrupts. "Many borrow money from their parents who are just about to enjoy retirement, hurling them into debt at an age where they can’t work anymore. Some borrow from Ah Long and have to run for their lives. "Family units also collapse because of financial problems. In the end, they are jobless and their parents lose their savings. The regulators should not wait to act," he said.However, Darshan advised the public not to be so gullible, and to check with the relevant authorities before parting with large sums of money.He said some complainants had approached Bank Negara Malaysia after they were cheated, but claimed they were not entertained.MCA Public Service and Complaints Department head Datuk Michael Chong said from 2002 till now, he had received more than 200 complaints against companies involving forex trading. "I’ve been warning the public about this. The problem is the companies the money is sent to are all based overseas. So how do we sue?" he asked. "When the complainants go to make a report, they are pushed all over the place. One would tell them they should go to Bank Negara, another would say go to the Companies Commission and yet another would say go to the Securities Commission. Even I am confused." Bank Negara records showed there were 130 complaints and enquiries about forex trading in 2005.Its corporate communications department director, Abu Hassan Alshari Yahaya, said these were only the numbers that came forward. The actual number could be a lot higher."Some are embarrassed to come forward and admit they were duped."Others give up hope after many failed attempts of ever recovering their money, so the illegal forex operators escape," he said.Abu Hassan said the percentage of those who managed to recover their money was very slim as it involved a long and tedious court process.He advised those who suspected they were being duped to document all transactions so it could be used as evidence when making a complaint."These operators also come in many forms, some in the guise of pyramid-level marketing or electrical parts business, to entice the unsuspecting individuals. "At times it is difficult to say if the company is legitimate or not because it may run legal activities at the initial stages and slowly transform to operate illegal activities."He said that with the advent of technology, these operators were using software as gimmicks to fool the prospective investors."These so-called high-tech software, supposedly used to monitor the market, can be easily obtained and accessed by anyone, anywhere. "They promise to trade your investment in forex, with high returns in a short time, but in actual fact there is no transaction taking place between them and the foreign intermediary."There are cases where the perpetrators have tapped into servers that lead to links with Bloomberg and Reuters, which bogus companies use to add to their foreign network ‘credibility’," said Abu Hassan.He advised those in doubt to check with Bank Negara on the legitimacy of the operator and the establishment before any money is transferred.Abu Hassan said any money transferred abroad had to be done through licensed local banks.Licensed money-changers in Malaysia are not permitted to make remittances under the Money-Changing Act 1998 as well as the Exchange Control Act 1953, he said.2 firms charged over forex dealsKUALA LUMPUR: Bank Negara has prosecuted two companies for dealing in foreign exchange without a licence.Its corporate communications department director Abu Hassan Alshari Yahaya said most victims lodge complaints with insufficient documents, making it difficult for the authorities to act. He advised the people to be cautious when a company promises handsome profits or interest rates.

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