The Story:
Some of your friends are talking about someone or corporation is looking to buy US Dollars at a very high rate, at about RM 3.60 for every USD 1. While the amount people discuss varies between millions to billions, some are willing to try small amount first.
Hoping to earn some fast cash, you agree to sell USD 10,000 for RM 36,000. You set up the meeting through a broker and prepare the cash to be exchanged.
The Catch:
This is the stage where things go in different directions.
1) The brokers never turn up.
Too many times, the brokers who set up the meeting never turns up, so is the individual/group who is/are to engage in the exchange. This is probably because there is no one who will actually engage in such a undervalued currency exchange.
2) Plain robbery
A group turned up to engage in the currency exchange but it turn out to be robbery. This had occurred and was reported in the news. (Unfortunately, ScamBusters are not able to find the news article anymore.)
We speculate that despite many spins on the ending of this scam, the core and origin lies with the robbery. However, brokers and intermediates added their own spices to the scam, resulting in a messy hoax/scam as is seen today.
The Shield:
DO NOT engaged in any currency and foreign exchange with an individual/company who is not an authorised dealer. It is AGAINST the law to do so.
Just to update to your version.
ReplyDeleteI have several friends who have fallen as prey to the scam in Malaysia in 2019.
There are 2 ways that they will scam you or rob you
1. Beware of Ampang area for any exchange deal, you will most likely be robbed with people hijacking your car from front and back. They always claim that their office is at Palm De Hotel. There is a lane that is extremely quiet and you will get hijacked there as it's a very small lane that you cannot drive through it.
2. Initiated in Hotel, commonly 5 stars in KL area. They will force you to be alone or max 2 person and insist on seeing your money first, follow by bringing a large machine that claim to be advance and count the money, they will first roll ur money up ,wrapped and put into boxt count. Remember it has secret compartment that will change your real money away once it goes inside, you will get the fake notes. He will insist putting into an envelope and get you to sign and put into the safe of the hotel together with ur pin. Then he will say he will go and pick up the RM and send to you. Never ever let him leave or you are 💯 money scammed.
If he DID put into the box, 100% your money is gone.
Note, he will carry pen knives with him, with at least 2 of it.
Their code name are Parker, Ali, etc..
Claim UK, Russian..
However the Syndicate work within a group of 20-30 people internationally.
Mainly comprised of Arab, Nigerian, Malay.
For the sake of the community, do not engage in that USD exchange or Ringgit becos they are likely Syndicate con artists