Jail for 2 foreign love scammers who tricked Singaporean women into becoming money mules. Love scammers operating out of Malaysia were sentenced to jail terms after being extradited to Singapore in , the first case of overseas love scammers being sent to Singapore for prosecution. This shows how easy it is for these groups to set themselves up and highlights the challenges in bringing them to prosecution.
Biden administration to target money laundering in US real estate market. The Biden administration has called for public comment on ways to reduce corruption in the US real estate market, as part of a broader effort to stamp out illicit financial activity. Administrators to Arena Television are suing its former directors for breach of fiduciary duty amid allegations of a huge fraud at the collapsed broadcaster.
Looking for a Stolen Idol? Visit the Museum of the Manhattan D. It's not often we hear about arts and antiquities crime, however, this piece from the NYT is a pretty interesting reminder of its existence. You can't have antiquities trafficking without some element of financial crime, and the values these recovered pieces have sold at make it a lucrative proposition for OCGs.
As art markets and participants are now regulated including in the US we should hopefully have less incidents of this kind of trafficking with mandated provenance checks and customer due diligence. Miami Professor gets jailed for laundering 'dirty' Venezuela money. T he intent is clearly there and obviously should have known better than to engage. Was it greed, or did he think he was doing the right thing? Financial crime and football are making headlines again. The rise of " smishing " in the Philippines is linked to data breaches potentially around contact tracing that were meant to help safeguard and control the virus, this trove of information is being used by unscrupulous scammers to offer jobs, especially with COVID impacting the employment market and in doing so gain access to the victims personal or financial information.
This is leading to calls for a a US-style caller identity verification system for enhanced consumer protection, which appears to be much in need. More education is required too for those that would be vulnerable to these "smishing" campaigns. The original story is so compelling it should be easy to create a great visually compelling story around the 1MDB case. May even re-ignite the search for Jho Low and his money? Crypto adverts on London Tube under investigation. Serious Fraud Office outgunned by UK firms.
Turns out you can just throw money at a problem to solve it; even illicit problems. Delivery phishing scams are already on the rise ahead of Black Friday. As we move towards Black Friday and the noise of lots of deals being snapped up, this becomes a target rich environment for fraudsters hoping to gain your credentials as part of their delivery phishing scams. Treasury designates crypto exchange Chatex for facilitating ransomware payments and published an updated Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments.
Chatex, which claims to have a presence in multiple countries, has facilitated transactions for multiple ransomware variants. Suex was sanctioned on September 21, , for facilitating financial transactions for ransomware actors. Head of money-laundering unit resigns over suspected money-laundering. Social media platforms continue to play a crucial part in virtual assets related scams. Vice Magazine describes an emerging trend of hackers forcing Instagram users to film hostage-style videos instructing their followers to participate in fraudulent get-rich-quick Bitcoin schemes.
Internet organised crime threat assessment It highlights that the accelerated digitalisation related to the pandemic has significantly influenced the development of a number of cyber threats, including: ransomware, mobile malware and online fraud. This man is the Jeff Bezos of the international drug trade. The way Tse overturned the traditional nature of organised crime and professionalised his operations will be familiar to anyone who has read the brilliant Narconomics , and should inform how law enforcement and regulated entities identify and stop criminal activity and illicit funds.
Either way, this is another example detailing how NFTs can be used to move significant amounts of money with very little friction. Could you be sharing your personal details with a teenage computer genius? Teenager sets up sophisticated fraud from bedroom admits to charges of money laundering. EY and Wirecard: anatomy of a flawed audit.
Another article about the Wirecard scandal, but this time really breaking apart the audit conducted by EY. The Financial Times takes a look at the entities and individuals involved, as well as the timeframes showing missed opportunities to expose the realities of the Wirecard fraud. China arrests ex-police official days before major party meeting. Just goes to show how volatile the market can be and how easily Crypto offerings can be manipulated by social media!
Squid Game crypto token collapses in apparent scam. A digital token inspired by cult Korean tv show Squid Game has been revealed to be a scam. Targeting new or beginner investors, these scams demonstrate just how important it is to conduct proper due diligence prior to parting with any money. US Treasury calls for urgent legislation on stablecoins. The potential for the increased use of stablecoins as a means of payments raises a range of concerns, the report notes, related to the potential for destabilising runs, disruptions in the payment system, and concentration of economic power.
The National Crime Agency NCA is looking to seize 15 million pounds in bank accounts that belong to the wife, son, and nephew of Javanshir Feyziyev , an influential Azerbaijani politician. The agency believes the money had been laundered through a vast money transfer system uncovered in by OCCRP. Gender, race, income level, education, and age all play their part making some populations more vulnerable than other.
Secretive MoD 'banking' unit helps UK wage economic warfare. Interesting piece from the FT on the intelligence services leveraging private sector finance experience to help combat hostile actors that threaten UK national security. Though the remits and outcomes of this task-force are clandestine by nature, continued cooperation between the public and private sector expertise will bolster our understanding of global security threats and how to combat them off the battlefield.
This week The Times have reported on a typology targeted specifically at those buying new homes, known as 'Friday fraud'. They report on a recent rise in this kind of fraud, where those about to become home-owners are targeted by criminals masking as solicitors in an attempt to redirect the transfer of funds intended for a house purchase.
Organisations feel risk of financial crime and cyberattacks increased due to remote working. Overall, the results reveal firms need to remain vigilant when it comes to IT infrastructure, cybersecurity and their digital management strategy.
Turkey, Jordan, and Mali were added as part of an Oct. Turkey becomes the largest economy to be represented on the list. Dubai's AML focussed new court is the next step in Dubai's fight against financial crime. It is likely we will see many more reports like this as law enforcement turn their attention to those who fraudulently claimed funds they were not entitled to, and it is paramount that financial institutions comply with their legal obligations, such as transaction monitoring, to make sure that companies and individuals who bank with are not engaged in financial crime.
Estonia's new anti-money laundering chief wants to revoke all crypto licenses. A quite bold statement from the new head of FIU about revoking all existing crypto licenses. However, before we jump to any conclusions, it should be noted that he mainly alluded to crypto businesses not contributing to Estonian economy, rather than insinuating that they are involved in any illicit activities. Sophisticated deepfake technology is becoming easier and cheaper to access. Earlier this year, the FBI shared their assessment on deepfake technology.
They noted that it will likely be utilised by malicious actors in the near future. These figures point to an unequivocal ramp up in ransomware activities over the last year and demonstrate the huge losses associated with this type of fraud. IT chaos at Zopa leaves investors in the dark.
Investors in Zopa have been struggling to withdraw their money and to see up-to-date statements as the result of a nine-day IT outage at the peer-to-peer lender. After Pandora Papers, EU says it plans new rules against tax avoidance. Will these plans address the criticisms of EU loopholes? The previous report was released back in Star Entertainment: Shares fall on money laundering claim. Shares in Australian gambling giant Star Entertainment have slumped after allegations that it enabled illegal activity at its casinos for years.
According to a report by the Sydney Morning Herald, between and the firm wooed high-rolling gamblers who were allegedly linked to criminal or foreign-influence activities. Money Mules: how young people are lured into laundering cash.
A nice article from the Guardian detailing ways in which young people are duped into becoming money mules - something that can have a huge knock-on effect later in life when trying to open bank accounts or obtain financial products. Offshore havens and hidden riches of world leaders and billionaires exposed in unprecedented leak. The biggest ever leak of offshore data exposes the financial secrets of more than billionaires, 30 world leaders and public officials.
Yet another leak sadly reminds us of the need for reform, including the implementation of transparent beneficial ownership registers for offshore jurisdictions. This project draws upon a two-year effort to develop the tool to evaluate levels of crime and resilience in all UN member states. Two Nigerian women recently became the first people in Ireland to be convicted of human trafficking for the prostitution ring they ran out of the midlands.
Surge in UK fraud a national security threat, warn banks. Couple headline figures in the piece:. A crypto guru goes on trial for allegedly advising North Korea. Virgil Griffith , a crypto expert, is charged with conspiring to violate a federal law prohibiting U. Lithuania says throw away Chinese phones due to censorship concerns. The report picks out four types of sanctions evasion, with four types of entities involved: North Korean government officials accredited to North Korea's embassies, North Korean overseas workers, front and shell companies, and trusted third-party intermediaries.
Anti-laundering unit goes off-grid, fraying Afghan ties to global finance. One thing most FinCrime professionals never have to face is fearing for their lives because of their work. This news story from Afghanistan is harrowing, and should also remind us of courageous professionals facing similar risks in kleptocracies, narco states and other countries around the world where criminal and terrorist elements have captured the political sphere.
Vessel identity laundering: an emerging threat to maritime trade. According to Global Trade Review , criminals are fraudulently obtaining registration numbers of cargo ships in a bid to evade sanctions on maritime trade.
This new typology is reported to be a departure from the more tried and tested methods of maritime deception, which have in the past involved manipulation of a ships automatic identification system AIS , and obfuscation of the vessels physical appearance to spoof detection technology. Elon Musk causes obscure crypto to suddenly surge in price after he names his new dog after it. The power of influence - Elon Musk causes obscure crypto to suddenly surge in price after he names his new dog after it.
Surely see a whole slew of new sanctions and attempts to evade them imposed on senior figures in the CCP in the near term following this announcement. Interesting article discussing the challenges of regulating decentralised finance DeFi amid money laundering considerations.
These frauds were enabled by lax security and fraud checks at the Commonwealth Office. It's been a while coming but as the deadline approaches and companies don't meet the regulatory requirement current estimate 40 out of 60 -Paywall more of Korea's crypto scene will be hit. Politeness leaving people at the mercy of fraudsters.
Politeness might be the achilles heel of the UK public when it comes to becoming victims of mass fraud campaigns. This is a worrying statistic especially considering the recent hike in impersonation fraud rates. German finance ministry raided in money laundering probe. Germany is conducting not just an investigation into the effectiveness of the FIU but a criminal investigation.
Although is the timing politically motivated? It will take a great deal of careful thought to craft a regulatory regime which will be effective in the decentralised world of digital tokens. Good article from Tom Keatinge in the FT, arguing that the expectations on banks to identify financial crime has crossed over into activities that should be conducted by law enforcement.
Whilst banks need to report on suspicious activity, it is not up to banks to go beyond - we need to ensure law enforcement has proper resources to meet these challenges. Binance removes Singapore products on main platform after regulator's warning. Tech against terrorism annual report This report covers in detail the core activities Tech Against Terrorism has completed over the last 18 months. But without more guidance on what constitutes appropriate compliance measures, and reassurance that regulators will work with firms trying to do the right thing and not go after them, most are still likely to cut off this service.
Watchdog warns UK banks of Afghanistan financial crime risks. Last week, the Financial Conduct Authority issued a warning to banks regarding a potential uptick financial crime associated with the resurgent terrorist activity in Afghanistan. Whilst outflows of funds from the UK to high risk jurisdictions, such as Afghanistan, should be kept a close eye on over the coming weeks and months, financial activity that could be linked with domestic terror activity should also be a key consideration.
North London computer science student jailed for scam messages. A London student has been sentenced to 22 months in prison for sending out scam text messages purporting to be from a range of organisations, including Royal Mail, HMRC, banks and mobile phone providers.
Singapore and Malaysia police bust transnational job scam syndicate in a joint operation. A simple scam with a little hook to entice those involved. In the world of remote working, it could be easy to get caught in this WFH and earn quick cash scam adverts, mostly circulated across social media. This article highlights how your mental health can effect your finances, and how there may be some ways that financial institutions can help those in need.
In particular, this article shows how patterns of transactional behaviours may be an indicator that the customer needs some additional help and support. Rather than imposing comprehensive sanctions, this article indicates a more targeted approach by the UK government in Afghanistan - specific actions by the Taliban linked to access to funds.
At the time of the budget, there were reports that some major banks sounded the alarm bell over the proposed new ceiling, preferring a more cautious staggered increase to curb the risk of fraud. BBC Panorama - The influencers promoting criminal scams. On social media, there's a new type of influencer. But instead of promoting clothing lines and lifestyle products, they promote fraud. Antinalysis - Criminals check the cleanliness of their coins on the Darknet.
Any technology is a double-edged sword and it turns out that blockchain analytics is no exception. Still early days, but watch this space…. Another scam in Singapore that sees the use of shell companies, 9 in this case, to execute a SGD This is normally used to subsidise training and upskilling of workers, in this case the husband and wife team forged attendance and employment records to claim the subsidy.
How a convicted criminal can buy a famous English football club. Truly horrifying: How a convicted criminal can buy a famous English football club. Al Jazeera goes undercover to show how English football clubs can become vehicles to launder the proceeds of crime. An interesting article reviewing the new AML rules for art market participants. It notes that - on the whole - sellers have approached the changes responsibly, with some investing in Regtechs to fulfil their updated verification requirements.
Furthermore, the author notes that some processes are being rushed to avoid deals falling through — which are perhaps the deals that pose the highest money laundering risk. Lauren Goodger foreign exchange Instagram advert banned. I think something similar happened to Katie Price last week and people lost grands and then she fled to the Caribbean with her family. The main objective of the report is to help countries to better understand the methods and techniques used to launder the proceeds generated from the human trafficking and migrant smuggling crimes in the Middle East and North Africa region.
In the first prosecution of its kind in Singapore, six men were charged with Missing Trader or Carousel Fraud, which also involved the use of a shell company to help issue and receive fictitious orders. How a little-known G7 task force unwittingly helps governments target critics. This excellent Reuters article shines a line on the dangerous unintended consequences of the FATF review process. It hones in on Uganda, Serbia and India, where anti-financial crime laws insisted upon by FATF were used to target political opponents and human rights groups.
SFO probes Gavin Woodhouse over suspected care home fraud. The Serious Fraud Office has launched a major fraud investigation into care home entrepreneur Gavin Woodhouse. An investigation by The Guardian and ITV News into the scheme in revealed that many of Mr Woodhouse's projects were incomplete, while the businessman's firms had a multimillion-pound black hole. A new force dedicated to fighting cybercrime will also be set up within the National Crime Agency to investigate the most complex and serious cases.
The Treasury estimates that hundreds of billions of pounds are already laundered through TBML in the UK each year, and pushing for greater trade with countries already vulnerable to TBML, without considering the consequences for banks and law enforcement, is very short-sighted. Cannot agree more with Mr. It is high time to move away from a binary view of virtual assets as either good or bad.
It would allow us to focus on actual financial crime risks associated with VAs and addressing them. Cars, funerals and home improvements: EU to crack down on large cash payments. We do seem to be looking towards a future of largely digital fiat money, which many central bankers prefer because of the level of control and surveillance it gives them over the money supply. Whisper it quietly too - they also see it as an attractive alternative to keep people away from crypto.
Binance ordered to halt operations in Malaysia by mid-August. This serves as a reminder that all digital asset exchanges must be registered and operating under a license. Malaysia is not the first country to clamp down on Binance with other regulators in Hong Kong, Thailand and Japan issuing warnings. The YouTubers who blew the whistle on the anti-vax plot.
Will finances associated with disinformation campaigns inc state-sponsored soon become subject to scrutiny? UK financial watchdog warns consumers over CoinBurp crypto launch. What's the lesson for VASPs from this?
Difficult to say so far, and it very much depends on the outcome of the licence application. If the FCA agrees it, then this could be seen as an example of a firm that moved quickly and took some calculated regulatory risks in order to get to market quickly. On the other, if their status is not confirmed, they will be in a tricky position commercially and reputationally. Worth the risk? I'm not sure I would say so without a high level of confidence about my proposed policies, procedures and controls.
Not a new problem, but the article highlights some of the dangers of frictionless digital payments, which I think if you also combine with BNPL programs could easily get someone into a degree of debt very quickly and then find it hard to get out of it. The article includes some sage advice on money management and some SG apps to help. Danske's customer flight exposes long-term cost of a scandal. This Danske Bank story is a really good example of the real-life consequences. The Met notes that whilst cash is still king, crypto seizures of this size appear to be on the rise.
An interesting report from the Atlantic Council on when sanctions violate human rights. You cannot escape geopolitical issues when discussing the topic but the report has developed a methodology based on clear standards for designations, provisions of evidence for designations, etc. It also looks at overlap between different sanctions regimes.
Prosecutors have obtained damning information allegedly implicating Trump. Newly obtained information appears to show an off-the-books scheme between Trump and top executives to evade income and corporate taxes. Definitely, one to watch as the Manhattan district attorney pursues the indictment.
Crown Resorts' Melbourne casino should lose licence over illegal conduct. UK Financial Watchdog ticks off retail banks for anti-money laundering failings. The FCA pointed out that the consequences of poor financial crime controls in a high-risk sector such as retail banking are significant. It can lead to criminals abusing the financial system to launder the proceeds of crime, supporting further criminal activity and damaging the integrity of the UK financial market. Sales consultant guilty of Bitcoin Islamic state terrorism funding.
Choudhary's claims his funding had a "humanitarian purpose" were described as "a smokescreen". Dogecoin started as a joke and… ended up a terrorist asset. Misleading crypto ads to be targeted by UK watchdog. One target for the watchdog are various social media accounts that push crypto ventures without declaring the financial risks around investment.
EU to create anti-money laundering agency. Combined with the development of a single rule book as opposed to the current approach which requires member states to meet certain minimum standards , this suggests a much stronger, tougher and proactive approach to financial crime than before. British MPs are fighting for hedgehogs to receive greater legal protection.
Apparently, hedgehog trafficking is a thing! It's a pretty unimpressive performance by governments, but what does it mean for businesses? It is easy to be tempted by the idea that the absence of regulation creates permission for VASPs to do what they wish, but that's a short-sighted view. Even though the process is slow, these regulations will eventually be implemented in most jurisdictions, and VASPs will need to take action. Arguably, a healthier approach for VASPs is not to wait for governments and regulators to put rules in place, but get on with creating sensible financial crime risk management processes from the get-go.
EU watchdog takes deep dive into banks' use of tech. Special Report: EU efforts to fight money laundering in the banking sector are fragmented and implementation is insufficient. It is difficult not to agree with findings from the European Court of Auditors on EU efforts to fight money laundering.
The Special Report highlights institutional fragmentation and poor co-ordination at EU level when it came to actions to prevent money laundering and take action where risk was identified. Further measures to help fight financial fraud in the UK. A verification system for Ads placed for financial services, which must be authorised or have a confirmed exemption from the FCA. Albanian lessons for regulators nervously eyeing the crypto world. The FT drawing interesting comparisons between the Albanian pyramid scheme debacle in the s and the risks of regulators sitting back in today's crypto explosion.
Some of the comparisons are a bit of a stretch, but the conclusion is fair - that more regulation should be welcomed and the risks of regulatory disengagement or paralysis with crypto i. This is a story about how a British man lost most of his life savings, as well as his dignity.
And how Ukraine's justice system laughed in his face. How hackers are using gamers to become crypto-rich. If your computer is overheating you may be mining cryptocurrencies without knowing it…. Big crypto money laundering bust by the MET yet they emphasise 'cash is still king' in money laundering.
UK anti-money laundering expert convicted of laundering cash. This shows the importance of reporting suspicion and management knowing what is going on in their companies. Sotheby's diamond auction marks another bitcoin milestone. A lighthearted but innovative and ultimately successful approach to thwarting scammers! A fake ID and no bank checks: how I bought bitcoin in one minute. Amid concerns that cryptocurrency is being used to hide money stolen by fraudsters, David Byer s looks at how easy it is to trade.
Banks told to clamp down on toxic culture. The Head of the Basel Committee for Banking Supervision, Carolyn Richards, has pointed out how 'toxic cultures' based on risk-taking, long hours and machismo lead banks to make major mistakes, manage risks poorly, and sometimes overlook wrongdoing. As she notes , this is consistently leading not only to commercial failure but regulatory censure and fines. She notes that it is not therefore enough for banks to 'comply' with the rules, but ensure they have a healthier culture, and one that takes in a diversity of backgrounds and views - something which we too at FINTRAIL see as vital to getting the management of financial risks right.
The new breed of criminals: Bank staff probed over links to cyber fraud. However, as quoted in this recent article this is what may be happening in Ireland, where Garda suspect a pattern is emerging after three separate cases of junior employees working for different financial institutions linked to crime gangs have been identified.
China's new anti-foreign sanctions law sends a chill through the business community. Over the last three years, the U. Now China has created a new legal tool to hit back as summarised in this article. Buying luxury flats with bitcoin opens door to criminals. The report suggests that the NCA are beginning to see casework where there are good indications that cryptocurrency has been used in the final stages of laundering to integrate funds into the system, and that those involved in the sales of high value goods need to be aware and take the right measures in response.
If property developers and others are going to accept crypto as well as fiat currencies, they need to take exactly the same risk-based approach to due diligence. As Nick Leary of the NCA says, this might be a relatively small issue now, but if people don't think about the financial crime risks, it will become much bigger in the future. UK regulator warn Google about accepting scam adverts.
FCA is warning Google and other social media companies about accepting scam adverts. These adverts may advertise financial services and in many cases are not screened or approved by the FCA, despite appearing to advertise legitimate services. This is part of the FCAs wider move to combat online criminals.
Sydney casinos to ban cash after money laundering scandal. By doing this, casinos are requiring gamblers to use cards linked to their identity and a bank or other financial institution. The future of RegTech - what do firms really want? Financial services firms seem to be happy with the RegTech space, but want more integrated end-to-end solutions as opposed to the current patch work of solutions.
The blog post also highlights the desire for some kind of regulatory certification for RegTech offerings. Israel-Gaza conflict spurs Bitcoin donations to Hamas. An unsurprising development , given Hamas has been receiving Bitcoin donations since at least US recovers million in cryptocurrency paid to Colonial Pipeline ransomware hackers. They have linked the Colonial attack to a criminal hacking group known as Darkside believed to be based in Russia.
SEC plans to go after market manipulation on social media. Securities and Exchange Commission Chairman Gary Gensler said Monday that his agency is focused on adopting new rules to guard against company executives using private information to opportunistically sell shares of companies they oversee, while acknowledging that the SEC must come up with new strategies to guard against market manipulation on social media.
Santander pushes back at Which? Firms have been reluctant to say how many customers they have refunded, prompting consumer group Which? It is argued that looking at reimbursement rates in isolation could present a "misleading" picture. Security threats to be blocked according to UK proposal. NatWest launches 'urgent' cryptocurrency scam alert. NatWest mobile app users are being directed to a warning screen advising them to beware of cryptocurrency scams.
Not just in terms of the volume lost, but on how unlikely it is that a victim will be reimbursed. UK banks block payments to crypto exchanges. Another one about UK banks blocking payments to crypto exchanges because of the perceived financial crime risks. What I find puzzling is that we also have analyses from firms like Chainanalysis saying that proportionately, the scale of crypto-related crime is small, both in absolute and relative terms, and probably less problematic than for fiat currencies.
I suppose stories like this drive home the need for the virtual assets sector to 'get onboard' with fin-crime risk management if they are going to prosper. They will have take the right measures, and be seen to take the right measures. The EU regulations forcing all member states to establish public beneficial ownership registers look good on paper and set a high standard on the global stage. However, this Transparency International report highlights the lack of progress to date and the loopholes many EU states are exploiting.
Shout out to Denmark and Latvia, the only two states with publicly accessible registers available as structured data, which can be meaningfully used for anti-financial crime purposes. The FCA warned UK fintechs this week about comparing themselves to banks and failing to warn customers about the risks of signing up to e-money services. The regulatory landscape for e-money licences is very complex and, whilst Jess was not sure that most consumers would fully understand the risks of e-money versus full banking licences, more clarity for customers and direction from the FCA is always welcome.
EU explores Belarus sanctions after 'hijacking' of Ryanair flight. Further possible Belarus sanctions on the horizon after Lukashenko's fascinating act of contemporary piracy last night in diverting a RyanAir flight including an armed fighter escort to arrest a political activist and journalist who opposed Lukashenko's questionable reelection in Eight arrests in Royal Mail text scam investigation.
They have arrested 8 men in connection to the Royal Mail scam where smishing text messages are sent to people in order to obtain their personal and bank details by getting them to follow a link to a fake version of a trusted website.
US pot sellers stash cash as banks leave them high and dry. Interesting piece on the legal marijuana industry. Banks with more women on their boards commit less fraud. More evidence that enhancing diversity makes the world a better place and saves money! The Financial Times documentary on Greensill was better than any Saturday night drama on Netflix this week. The story of Greensill Capital has everything: investment banks, false technology hype, opaque finance, private jets, trophy mansions and the biggest British lobbying scandal in a generation, involving former prime minister David Cameron.
Unfortunately, the very real outcome on steelworkers is still to play out. UK consumer group Which? Whilst not breaking news it's interesting to see the numbers associated with these cases! Cyprus files first prosecution in passports scandal. In November of last year, Cyprus stopped offering its " Golden Passport " over corruption allegations. Now the first criminal prosecution associated with the scheme has been filed. It shows that criticism of this controversial scheme is not baseless.
Currently, there's action against 5 individuals with a total of 37 charges, little more information is given due to the "sensitivity details" involved. Lee initially invested RM30, in the forex scheme in August last year to "support" her long-time friend.
Each trade was made under the advice of the agent through an app called MetaTrader4 or by a "robot" system for automated trading. By September, I had lost RM20,," she shared. Reassured by her friend's promises to help her regain the losses, Lee forked out another RM25, in November.
This time, the money was deposited directly into the agent's personal account and he would transfer the funds to the company's account, registered under RC Group Sdn Bhd.
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