How did this forex syndicate dupe 70,000 victims?

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The Forex Syndicate Employed Deceptive Seminars and False Profit Promises to Defraud 70,000 Victims

A foreign exchange investment syndicate defrauded an estimated 70,000 individuals through a multi-faceted scheme that included misleading seminars, unrealistic profit guarantees, and the exploitation of registered companies and titled individuals. The syndicate operated from 2013 until August 2016, amassing significant wealth through these fraudulent activities.
Deceptive Seminars Held in Hotels

The syndicate actively lured potential investors by organizing seminars held in hotel venues. These events served as a primary platform to present their investment opportunities and gain the trust of victims. While the specific content of these seminars is not detailed, their purpose was to facilitate the syndicate's fraudulent operations.
Promises of Unrealistic Monthly Profits

A key enticement offered by the syndicate was a promised monthly profit of 12 per cent. This exceptionally high and unsustainable rate of return was designed to attract a large number of investors seeking quick financial gains. Such a guarantee is significantly beyond typical market returns, serving as a major red flag for potential investors.
Use of Registered Companies and Titled Individuals

To lend an air of legitimacy to their operations, the syndicate utilized companies registered with the Companies Commission of Malaysia (SSM). Furthermore, they involved organizers or figures in higher management who held 'Datuk' titles. The association with registered entities and respected titles was likely intended to create a facade of credibility and trustworthiness, making it harder for victims to suspect any illicit activity.

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How did this forex syndicate dupe 70,000 victims?

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