简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Malaysian authorities have intensified their investigation into the TriumphFX foreign exchange investment scam, resulting in the arrest of five individuals linked to the fraudulent scheme.
Malaysian authorities have intensified their investigation into the TriumphFX foreign exchange investment scam, resulting in the arrest of five individuals suspected of operating mule accounts linked to the fraudulent scheme.
According to Bukit Aman CCID director Datuk Seri Ramli Mohamed Yoosuf, the police are actively pursuing the syndicates mastermind while finalising the investigation paper. He emphasised that claims suggesting a lack of police action are unfounded, reaffirming that enforcement efforts are ongoing and substantial measures have already been taken.
The scam, which emerged in 2019, operated by promising investors a monthly return of seven per cent. Potential investors were required to download a dedicated application that enabled them to track their investments. However, complications arose when the company transitioned to cryptocurrency-based investments without securing the consent of its investors. This shift left investors with no means of withdrawing their funds, effectively locking them out of their own investments.
Police records indicate that a total of 80 reports have been filed against the scheme, with total reported losses amounting to RM24,813,086.47. The Federal Commercial Crime Investigation Department had previously disclosed that, as of February 24, 72 police reports had been lodged, with financial losses exceeding RM23.7 million.
Investigations further revealed that the syndicate initially attracted victims through Zoom chats, a tactic that allowed scammers to establish a sense of credibility and trust before persuading individuals to invest. The fraudulent operation is believed to have been active since September 2019.
Authorities have reiterated warnings to the public about the dangers of online investment schemes, particularly those promoted through social media and messaging platforms such as WhatsApp.
To help protect individuals from falling prey to unauthorised investment schemes, WikiFX offers essential tools and resources for verifying the legitimacy of brokers and financial platforms. With an extensive database of global broker profiles, regulatory status updates, and user reviews, WikiFX empowers users to make informed decisions before committing to any financial investment. The apps risk ratings and alerts for unlicensed or suspicious entities enable investors to easily spot red flags and avoid potential scams. By checking a broker's background on WikiFX, users can better safeguard their hard-earned savings and steer clear of fraudulent schemes, making WikiFX an indispensable resource for safer investing.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
OctaFX has been officially listed on warning lists by both Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC). These alerts raise serious concerns about the broker’s status and whether it is legally allowed to operate in Malaysia.
Established in 2020, Errante has rapidly gained recognition in the forex and CFD trading industry. With a commitment to transparency, client protection, and a diverse range of trading services, Errante caters to both novice and experienced traders. This review provides an in-depth look at Errante's offerings, regulatory standing, trading conditions, and more.
IronFX Review 2025: Explore the broker’s AAAA WikiFX rating, global regulations, and $500,000 trading prize. Is it trustworthy or a scam? Dive into our transparent analysis!
Be Honest With Yourself: Are You Slowly Destroying Your Trading Account?