Trader falls victim to RM300,000 Chinese currency exchange scam in Kuching

KUCHING: A young import trader in his 20s has reportedly fallen prey to a sophisticated Chinese currency exchange scam, losing approximately RM300,000 in the process.

Sarawak Police Commissioner Datuk Mancha Ata confirmed the case today, saying the victim, who conducts business in the Kuching district, was initially lured by a seemingly legitimate post on WeChat Moments in early June 2024.

“The post, shared by an acquaintance, offered attractive Chinese currency (RMB) exchange services, with the funds to be transferred directly into the popular digital wallet, Alipay.

“After reaching out to the suspect, the trader was enticed by a good exchange rate, with assurances that the RMB would be deposited into his Alipay account.

“The suspect then added the victim to a WeChat group, where he was instructed to make the necessary payments, including service fees,” Mancha said.

Believing the transaction to be authentic, the victim began transferring funds through multiple online transactions starting from late June.

Over a span of two months, he made a total of 19 transactions to eight different bank accounts, collectively amounting to RM300,000.

However, when the victim checked his Alipay account, the promised RMB was nowhere to be found.

Attempts to contact the suspect proved futile, as he was subsequently blocked from the WeChat group, realising too late that he had been swindled.

Police are now investigating the case, and have reminded the public to exercise caution when engaging in online financial transactions, especially through unfamiliar channels.