Telegram Investment Group Scam: Fake Trading Platform Posing as OctaFx Attracts Victims

In May, a novice trader was defrauded of RM1,000 on Telegram when he encountered scammers posing as a regulated broker, OctaFx.

Muzaiman, the victimized investor, was new to trading; he did not have much trading experience and tried to learn from the internet.

He picked up some trading tips from local traders and a Telegram group called "VIP INVESTMENT MALAYSIA." The group admin, Mohd Shukry Bin Hussain, was promoting an investment scheme. After checking out the different options, he realized that the one recommended by the admin seemed way easier to make a profit from.

_{The screenshot provided by the victim shows that the group used the OctaFX logo in an attempt to disguise its fraudulent nature.}

Muzaiman kept an eye on the conversations between group members and the administrator. He noticed that some people were withdrawing profits without any issues, which made him trust the group even more.

_{Scammers pretend to be other investors and lie about withdrawals.}

He reached out to the admin, expressing his interest in joining the investment. Following the provided guidance, he created an account on a fake trading platform and deposited RM1,000.

_{According to the scammer's promise, the investor could earn RM45,000 after making the deposit.}

After a while, Muzaiman noticed that his account had supposedly made a "profit" of RM45,000 on the trading platform. Eager to withdraw his earnings, he reached out to the administrator. To his surprise, the scammer asked him to pay an additional fee before he could withdraw.

Muzaiman felt deceived as he had not been told by anyone about the fees. He anxiously sought help from a trading community and confirmed the scam. However, he could not have his RM1,000 back as the money had already gone into the scammers' pockets.

BrokersView reminds you

Social media platforms and message apps are flooded with fraudulent investment advertisements, where scammers lure inexperienced investors with promises of unrealistically high returns.

Investors are advised to verify service providers' financial regulatory information and invest with caution. If you're unsure whether your broker is regulated, consult BrokersView for further information.