Report: Malaysian involved in RM19 billion forex scam in China

forexPETALING JAYA: A Malaysian man is said to have been involved in a large-scale forex investment scheme which is believed to have received some RM19 billion from 400,000 investors in China within six months, China Press reported.

However, the scheme turned out to be a scam, with the man and his wife, who is a Chinese national, subsequently fleeing to Malaysia to escape authorities and investors.

The Chinese-language daily said the woman had been identified as Zhang Xue Giao, 26, while her husband, though not identified, is said to be a major shareholder in a Vanuatu-registered forex investment company called IGOFX.

The company’s website revealed the man as being a “world-class forex player”.

Zhang was also named as the head of a company in China which was the sole agent for IGOFX.

According to China Press, IGOFX had started operations in China earlier this year, quickly attracting investors with the usual promises of high returns.

It also carried a slogan in Mandarin, which translates to “one can earn US dollars even without getting up from bed”.

The word of mouth and fame it gained from having made good initial weekly payouts, drew thousands of new investors by the day and in less than six months, they had 400,000 investors.

Some investors told the media in China that the payouts stopped coming early last month and with that, the news on IGOFX having folded started to circulate.

Zhang was said to have been seen in public for the last time on June 11, which is also believed to be the same day she left China.