Aussie Investors In Cambridge Capital Scam Restituted On SC Cross-border Probe

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The Kuala Lumpur High Court has ordered the restitution of RM2.2 million to 14 Australian investors who were defrauded in the investment scam by Cambridge Capital Trading purportedly based in the United Kingdom.

The Securities Commission said it began investigations in February 2007 following complaints lodged by the Australian Securities and Investment Commission and the Dubai Financial Services Authority.

Cross-border investigations by the SC revealed "cold calls" were made to investors in Australia and Singapore by individuals claiming to be from Cambridge Capital Trading, purportedly a member of the Dubai Options Exchange, offering investments in options in Australian dollars, among others.

The investors had deposited their money into a CIMB Bank account in Kuala Lumpur, it said in a statement.

The SC said High Court Judge Justice Datuk Su Geok Yam had on April 2 ordered the money in two CIMB Bank accounts to be frozen under Section 61(4) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001.

The order was served today on CIMB Bank for the release of the money to the investors through their lawyer, it said.

The SC said the investors had entered their appearance in September 2008 through their Malaysian counsel pursuant to a notice under Secton 62(1) of the Act.

The High Court decided the investors were defrauded in the investment scam and did not collude in any way with the perpetrators.