Over MYR 23.7 Million Lost in TriumphFX Investment Scam, 72 Malay Victims Reported

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Malaysian authorities have uncovered a significant investment scam involving the offshore forex broker TriumphFX, with 72 victims reporting losses exceeding MYR 23.7 million (approximately US$5.3 million). The Federal Commercial Crime Investigation Department (CCID) revealed that the “syndicate”, active since September 2019, lured Malay investors through Zoom chats, promising monthly returns of 4% to 7%.

The scam has prompted ten ongoing investigations under Section 420 of the Penal Code, which could result in prison sentences of one to ten years, whipping, and fines for those convicted. Authorities have also identified a clone of TriumphFX, which advertised on social media and claimed investors could earn profits within three hours. This clone scheme has led to 23 additional investigations, with losses amounting to MYR 243,377 since 2024.

The case highlights the growing issue of financial scams in Malaysia. Earlier this year, the Malaysian Humanitarian Organisation (MHO) reported another scam involving 77 victims who lost MYR 48 million to a Seychelles-registered firm using 30 shell companies.

TriumphFX, which operated from loosely regulated offshore locations, previously held a license from Cyprus’s Securities and Exchange Commission (CySEC). However, CySEC suspended the shareholder rights of TriumphFX’s sole indirect shareholder in December 2023 due to management issues. The company has since rebranded as ShineTrades, offering similar forex and CFDs trading services. Authorities urged the public to remain vigilant and verify the legitimacy of investment schemes before committing funds.