VenusFX scammers arrested in Malaysia

Following a police investigation that began late last year, news today that several VenusFX scammers have been arrested in Malaysia.

For those unfamiliar with the scheme, VenusFX was a Ponzi scheme that promised investors a 480% ROI after 80 days.

Rather than generate the advertised ROI via forex trading as claimed, VenusFX simply recycled newly invested funds to pay off existing investors.

Launched in mid 2016, by September VenusFX investors were reporting withdrawal problems. Today the VenusFX website redirects to that of Google.

As per Malaysian police investigating the case, VenusFX’s collapse generated $18.1 million USD in losses for about 23,000 investors.

Following raids across Kuala Lumpur, Pahang and Selangor, Malaysian police arrested six unidentified men and women.

Aged between 28 and 35, the group have been remanded to custody for 21 days.

Police ‘also seized a laptop compter, 10 mobile phones, 10 ATM cards and five cars, all worth a total of around RM750,000‘ ($169,740 USD).

$169,740 is a far cry from the $18.1 million stolen from investors. Here’s hoping the arrests lead to a larger recovery down the line.

Let’s block ads! (Why?)

This RSS post was syndicated from, http://behindmlm.com.com

Facebooktwittergoogle_plusredditpinterestlinkedinmail

comments

error: Content is protected !!