TriumphFX Investigations Show How Scammers Stole Millions in Malaysia

Malaysian police are investigating a series of investment scams that have reportedly resulted in losses totaling RM23.7 million (US$5.3 million). According to the Federal Commercial Crime Investigation Department (CCID), 72 reports have been filed in connection with the TriumphFX scam, which has been active since September 2019. The syndicate allegedly used Zoom meetings to attract victims, promising monthly returns of four to seven percent.

Datuk Seri Ramli Mohamed Yoosuf, director of Bukit Aman CCID, stated that 10 investigation papers have been opened under Section 420 of the Penal Code, which deals with cheating and carries penalties of up to 10 years in prison, whipping, and fines. Authorities have also identified a related scheme, TriumphFX Clone, promoted on social media with claims of generating profits within three hours of investment. This scheme has led to 23 investigation papers and losses of RM243,376.90 (US$54,532) since 2024.

In a separate case, the Malaysian Humanitarian Organisation (MHO) has accused a local firm of defrauding 77 victims of RM48 million (US$10.75 million). MHO secretary-general Datuk Hishamuddin Hashim alleged that the firm operated through 30 proxy companies and was registered in Seychelles. Investigations are ongoing as authorities work to dismantle the syndicate and recover the lost funds.

These developments come amid heightened scrutiny of unregistered investment platforms in Malaysia (Read "Malaysia SC Updates Investor Alert List: 17 Unauthorized Entities Added in February​" to learn the latest warned entities). Earlier in December, the Securities Commission (SC) took action against Bybit, a digital asset trading platform, for operating without proper registration. The SC has warned investors to avoid unregistered platforms, emphasizing that such activities are illegal and expose investors to significant financial risks.