EVR Investment Academy Duped a Retiree Out of RM586,450

A 50-year-old Malaysian retiree has become the latest victim of a scam orchestrated by a fake investment syndicate operating under the name EVR Investment Academy. The individual was deceived into transferring RM586,450 to fraudsters who promised high returns through a non-existent trading platform.

The deception began when the victim received an unsolicited WhatsApp message from a sender claiming to represent EVR Investment Academy. The message offered an invitation to participate in nightly virtual stock market briefings, conducted from Sunday to Thursday via Zoom. These sessions were portrayed as educational seminars providing exclusive insights into market trends and trading strategies.

As part of the programme, participants were encouraged to use a trading platform known as QC Secure, which was promoted as a Direct Market Access (DMA) tool offering enhanced trading privileges. The retiree was persuaded to invest in financial products falsely branded as ‘Al Palsu’ and ‘QTI Luxaigo’ through this fictitious platform.

Over time, the victim transferred large sums of money into accounts provided by the scammers, believing the funds were being used for legitimate investments. The fraudulent nature of the scheme became apparent only after a personal investigation revealed that entities such as PJT Investment Academy and Boom S Trading Platform, repeatedly referenced by the scammers, had no legal or operational presence.

The case highlights a growing trend of fraudsters leveraging digital tools such as messaging apps and video conferencing to lend credibility to their scams. These operations blur the lines between legitimate finance and fraud by simulating professional investment environments and using convincing ‘testimonials’.

As scams like this become more complex, platforms such as WikiFX are playing an increasingly important role in consumer protection. WikiFX offers a robust suite of tools to verify the legitimacy of financial brokers and trading platforms. Its global database includes regulatory information, broker profiles, and user reviews that help users make informed decisions before investing.

The app also issues risk alerts and identifies unlicensed or suspicious entities, helping users spot potential scams early. By providing transparent and updated information, WikiFX empowers investors to avoid falling prey to elaborate frauds like the one perpetrated by the EVR syndicate.