Forex scam: Dad drains savings to settle daughter's debts with loan sharks

New Straits Times

2 days ago

KUALA LUMPUR: A Malaysian family has been left traumatised after a 22-year-old woman became caught up in a foreign exchange scam, forcing her retired father to use RM150,000 of his life savings to protect them from loan sharks.
The woman, known only as Leong, a recent graduate, invested RM9,000 — all her savings — into what she believed was a legitimate scheme.
After receiving an early return of RM500, she was encouraged to invest further, only to be told later that a large "processing fee" was required to withdraw the full amount.
In desperation, Leong secretly borrowed RM20,000 from 17 unlicensed moneylenders to cover the supposed fee, China Press reported.
Unable to repay the loans, she and her family soon became targets of threats and harassment.
Speaking at a press conference at Wisma MCA yesterday, Leong admitted she was unemployed and had hoped the investment would provide some financial relief.
Her father, a 61-year-old retired bank employee with a disability, said he felt he had no choice but to settle the debts using his retirement savings when the threats escalated.
Despite paying off the initial amount, the harassment continued.
The loan sharks began sending him disturbing messages and images, including photos of their current and former homes, their vehicles, and even family identification cards.
He said the lenders threatened to harm them if payments were not continued, and claimed his youngest daughter still owed RM70,000 in interest — a sum he could no longer afford.
A police report was filed, and the investigating officer reached out to the loan sharks.
However, instead of backing down, they became more aggressive, issuing further threats and warnings.