KEPALA BATAS, Aug 23 — A private company owner lost RM181,050.09 after he was duped by a foreign exchange syndicate when buying Chinese renminbi (CNY) recently.

Seberang Perai Utara district police chief ACP Noorzainy Mohd Noor said the 42-year-old man had asked his friend’s assistance to find an agent selling the CNY currency as he needed to purchase raw materials from China.

"He managed to get in contact with an agent and discussed the matter only over the phone before deciding to proceed with buying the CNY currency this week,” he said in a statement today.

Noorzainy added that the company owner later directed his staff to transfer RM181,050.09 to a local bank account provided by the agent.

However, the victim was unable to contact the suspect to confirm the transaction and asked his staff to lodge a police report, he said.

"The police are tracking down the suspect as well as the owner of the bank account used in the transaction. The case is investigated under Section 420 of the Penal Code for cheating,” he said. — Bernama