Fake AI Trading Platform Shows RM1.5 Million Profit Before Victim Loses RM343,190

A Malaysian marketing officer has reportedly lost RM343,190 after falling victim to an alleged investment scam involving a fake AI-powered trading platform that promised returns of up to 30% within 24 hours.

According to Kulai police, the 46-year-old woman was introduced to an investment programme operating through an application called "Shugoa AI Investment". The scheme allegedly claimed that investors could generate profits of between 20% and 30% within a single day, with returns reflected directly in the platform.

Believing the investment to be genuine, the victim made 13 transfers totalling RM343,190 into 10 different local bank accounts between September 2025 and April 2026.

The platform later displayed purported profits of RM1.5 million in her account, creating the impression that the investment had been highly successful. However, when she attempted to withdraw the funds, access to the account was blocked.

The victim subsequently lodged a police report after realising she could not recover either the displayed profits or her original capital.

Kulai police chief ACP Tan Seng Lee said the case is being investigated under Section 420 of Malaysia's Penal Code for cheating.

The case highlights a common tactic frequently seen in investment scams involving AI trading, forex, cryptocurrency and other high-yield products. Fraudulent platforms often display fabricated profits to encourage victims to continue depositing funds, while withdrawal requests are delayed, rejected or blocked entirely.

Authorities have repeatedly warned investors to be cautious of schemes promoting unusually high or guaranteed returns, particularly those using AI-related marketing claims. Red flags may include promises of rapid profits, multiple payment requests to personal or unrelated bank accounts, and trading platforms that cannot be independently verified through regulated financial institutions.

The latest case adds to a growing number of scams across the region that exploit investor interest in AI-driven trading opportunities while operating outside legitimate regulatory oversight.