Forex Scam Alert: Fake Platform 'Digital RealtyV' Defrauds RM466,000

A scientist employed by a private company fell victim to a fraudulent investment platform, losing RM466,000. He was reportedly lured by false advertisements on social media.

The 26-year-old victim filed a police report on December 1, accusing the "Digital RealtyV" platform of fraud.

Police noted that the victim befriended a man via the social media platform "Xiaohongshu" in early September. The man described a forex investment opportunity, promising substantial returns within a short period, with profits determined by the amount invested.

Guided by the man, the victim downloaded and registered for an app named "Digital RealtyV." On October 6, he made his first transfer of RM4,500 to a Hong Leong Bank account designated by the scammer. That same day, the app displayed a profit of RM4,754 in his account. The victim then successfully withdrew the funds.

This transaction convinced him of the platform's legitimacy and reliability, prompting him to increase his investments. Between October 6 and November 17, he initiated 13 transfers totaling RM466,075.51 to seven different bank accounts.

However, as with most investment scams, when the victim attempted to withdraw funds, he encountered obstacles and was even barred from accessing his account. Meanwhile, the platform demanded additional fees before allowing any withdrawals.

Realizing he had been defrauded, the victim immediately reported the incident to the police. Malaysian authorities have launched an investigation and reminded the public to be vigilant against online investment opportunities promising abnormally high returns.

BrokersView reminds you

All investors are advised to verify the licenses of trading platforms and financial firms to ensure that they are authorized by local financial regulators before making any investment decisions. Unauthorized financial activities often carry a high risk of investment scams.

If you would like to find out the regulatory status of a trading platform, you can search for the platform's name in BrokersView.