Malaysian Authorities Investigate TriumphFX Following 72 Police Reports Filed

The Malaysian Federal Commercial Crime Investigation Department (CCID) has disclosed that it received 72 police reports regarding TriumphFX as of February 24. According to the CCID, the “TriumphFX investment scam syndicate” has resulted in losses exceeding RM23.7 million since it became active in September 2019.

Datuk Seri Ramli Mohamed Yoosuf, director of the CCID, stated that investigations revealed the syndicate initially lured victims through Zoom chats, promising monthly returns of between 4% and 7%.

Malaysian authorities are currently examining 10 investigation papers related to the suspected scam, which could lead to penalties of imprisonment for a minimum of one year and up to 10 years, along with whipping and fines upon conviction.

Regulatory Warnings Against TriumphFX

Multiple financial regulatory agencies, including the Securities Commission Malaysia (SC) and the Monetary Authority of Singapore (MAS), have issued warnings about TriumphFX and its related entities and associated websites.

Source: SC and MAS

TriumphFX holds a CIF license from the Cyprus Securities and Exchange Commission (CySEC). However, upon check, the forex broker has rebranded as Shine Trades, abandoning its TriumphFX identity.

source: CySEC

TriumphFX Clone Identified

Seri Ramli Mohamed Yoosuf also revealed the identification of a clone company of TriumphFX. This scheme, allegedly advertised on social media, promised profits as soon as three hours after the investment was made.

From 2024 to the present, the CCID has opened 23 investigation papers against the clone platform, involving losses totaling RM243,376.90. Investigations are ongoing.