5 Arrested in the TriumphFX Investment Scam Investigation

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.

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