Fraudulent Investment Scheme in Malaysia Causes Victims to Lose Tens of Millions of Ringgit

Recently, a bank employee and a sales from Malaysia suffered losses of more than RM2.23 million due to investment scams. It is reported that over 41 victims were scammed by the same fraudulent investment scheme, involving losses of RM28.3 million.

In January this year, the Malaysian police received reports from the two victims and launched investigation.

The bank employee who reported the case said he had invested RM1.87 million in an investment scheme called “UVKXE”.

The 55-year-old employee learned about the investment opportunity through social media. While communicating with the scammer on WhatsApp, the scammer claimed promised to bring a return of 10 to 50 percent.

The investor was lured by the scammers to transfer RM1.87 million to dozens of different bank accounts.

The scammer even told the investor to go to a hotel to attend an offline event related to the investment scheme. Upon arrival at the hotel, the victim found that there was no event as claimed by the scammers and also realized immediately that he had been scammed.

Police said they have received 41 reports of UVKXE. One of the victims, a 62-year-old man, lost RM9.47 million.

The victimized saleswoman, who also filed a report to the police in January, paid RM467,000 for the “Arcadia Equity” investment scheme. She was promised by the scammers that the scheme would generate 70% returns for investors.

The saleswoman initiated 16 transfers to 10 bank accounts designated by the scammers, but never received any of the promised returns.