Malaysia’s New Straits Times is reporting that more than MYR 23.7 million (USD $5.4 million) has been lost to date in an investment scam syndicate run by Retail FX and CFDs broker TriumphFX.
The Times reported that Malaysia’s Federal Commercial Crime Investigation Department received 72 police reports (as of Feb 24) regarding TriumphFX. Police investigations revealed that TriumphFX initially lured its victims through Zoom chats.
Dating all the way back to 2019, TriumphFX promised monthly returns of between 4-7% to their targets. Some of the schemes advertised on social media promised profits as soon as three hours after the investment was made.
We had recently reported that Cyprus financial regulator CySEC had extended a ban against TriumphFX controlling shareholder Chong Chun Hseung.
