Police set up task force to investigate VenusFX and linked companies

KUALA LUMPUR: A task force of six police officers from the Kuala Lumpur police commercial crimes investigation department (CCID) and Bukit Aman has been set up to investigate foreign currency trading company VenusFX and companies linked to it.
KL CCID chief Mohd Luthfi Ismail Abdullah (pix) said several reports have been lodged and police will decide who to call up for questioning when the time is right.
"When the timing is right, we will call up the necessary parties," he told theSun.
He said that the police are compiling reports against the company nationwide before investigations are escalated further.
"We don't want to have a duplicate of investigations in different states, we are collecting reports to have all the investigations under one roof," he said.
He also advised the public not to fall prey to pyramid and multi-level marketing schemes.
"Make safe investments, don't go for the schemes. Anything that is too good is hard to believe.
"They lure you into making money. These pyramid schemes can only last as long as there are investors, once the investors run dry it wont last," he said.
Since its inception a year ago, the company had allegedly been operating its business illegally without a banking and financial services licence from Bank Negara.
However, in June this year, a company called the Malaysia Ventures Entrepreneur Foundation (MVEF) run by a Datuk Seri and his wife, who is also a Datuk, made a business proposition to the owners of VenusFX offering to legalise their operations by obtaining a banking licence through their "connections" in the government.
On Saturday, in an effort to assist duped investors of the scheme, MIC treasurer-general Datuk Seri S. Vell Paari held a press conference in Petaling Jaya with more than 100 of those affected.
He alleged the couple had been name-dropping and claimed that they were close to top government leaders and officials in "high places", including those at the Finance Ministry.