RM19BIL IN LESS THAN A YEAR: MALAYSIAN ROLE IN CHINA’S BIGGEST MONEY GAME GONE BUST EXPOSED

PETALING JAYA – A Chinese national and her Malaysian husband are reported to have pulled off the biggest money game in China, raking in some 30 billion renminbi (RM19 billion) from more than 400,000 members in less than a year before it went bust.

According to a report in China Press today, the woman, identified as 26-year-old Zhang Xue-qiao from Changzhou city in the Jiangsu province, is believed to have fled to Malaysia.

Her husband is said to be a major shareholder of Vanuatu-registered IGOFX, which describes itself as a world-class forex player in its company profile.

According to the report, Zhang, who is blessed with movie-star looks, heads a company that acts as IGOFX’s sole agent in China.

The collapse of IGOFX in China has members jumping like cats on a hot tin roof.

Based on reports in the Chinese media, IGOFX started to operate in China early in the year, drawing members to its so-called forex trading which promised investors very good returns.

With its attractive Mandarin slogan, which means “one can earn US dollars even without getting up from bed”, and the publicity its initial weekly payouts generated, the scheme attracted more than 400,000 in just half a year.

Sources said news that IGOFX had gone bust started to circulate last month, by which time the payouts had stopped.

Zhang last appeared in public on June 11 and has since been uncontactable by members.

Sources said she flew out of China on the same day.

The report said many members have lodged reports against Zhang with the Chinese public security bureau seeking return of their investments.

The Monetary Authority of Singapore has already placed IGOFX on its Investor Alert List.

– Sundaily

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