On June 7 in Yangon, it was reported that Dr. Nyi Nyi Swe from Mandalay and his team had defrauded people across the country of billions of kyats by promising 15% monthly returns on investments in international stock and forex trading markets. The group had been operating for approximately 6 years, traveling nationwide conducting Forex Trading seminars and introductory events to gather investors. The scheme collapsed in late April when Dr. Nyi Nyi Swe and all GALAXY LEADER team leaders disappeared, with false rumors circulating that they had been arrested by CID and investigation teams, though no evidence of such arrests exists.
According to victims, individual losses range from a minimum of 30 million kyats to hundreds of millions of kyats. The victims include internally displaced persons, Buddhist monks, and nuns. Dr. Nyi Nyi Swe and his team operated under the name Galaxy Leader Group, creating numerous Telegram groups with thousands of members in each group. The fraudsters did not provide any formal documentation or contracts when collecting money from investors, leaving victims with no recourse for legal action. The so-called Leaders involved in the fraud have also disappeared, turning off their phones and going into hiding.
Particularly affected were monasteries and nunneries in Mandalay, which had invested donation funds hoping to generate regular income for their institutions. One monastery alone lost up to 500 million kyats in the scheme. The victims span multiple cities including Yangon, Mandalay, Dawei, Myitkyina, Myingyan, Pathein, Meiktila, and Naypyidaw, among others. These victims now have no means to recover their invested funds. The scam has particularly impacted vulnerable communities, including those displaced by conflict, who had invested their savings hoping for reliable returns.
The fraud was perpetrated through elaborate networking events and seminars, with the promise of consistent monthly returns from international financial market investments. The scheme operated successfully for several years, with some investors initially receiving the promised 15% monthly returns, which encouraged others to invest larger sums. The sudden disappearance of Dr. Nyi Nyi Swe and his team has left thousands of investors across Myanmar with significant financial losses and no legal recourse for recovery. The case highlights the vulnerability of Myanmar’s people to sophisticated financial fraud schemes, particularly during times of economic and political instability.
