Malaysian Pilot Loses RM1.36 Million in UVKXE Investment App Scam

A Malaysian pilot, aged 50, has suffered a staggering financial loss of RM1,366,885 to a fraudulent investment scheme promoted via Instagram. The scheme involved an app called UVKXE, which claimed to offer attractive investment opportunities.

According to Selangor police chief Datuk Hussein Omar Khan, the victim came across an advertisement for UVKXE on Instagram. Enticed by the opportunity, he transferred funds in 34 separate transactions to 10 different bank accounts provided by the suspect between October and December 2024.

The scheme offered no detailed explanation of how it worked or any guaranteed returns. The victim was instead encouraged to invest as much as possible to allegedly secure greater rewards. To facilitate participation, the suspect shared a link to the UVKXE app and provided instructions on how to use it.

Initially, the victim received a small return of RM4,300, which likely served to build trust. However, when he attempted to withdraw the remaining balance through the apps withdrawal feature, the funds were not transferred to his account. Realising he had been deceived, the victim reported the matter to the police.

The Selangor Commercial Crime Investigation Department has since launched an investigation under Section 420 of the Penal Code, which deals with offences of cheating.

Commenting on the case, Hussein emphasised that fraudsters often exploit social media platforms to promote seemingly legitimate investment schemes. These schemes, however, lack approval from Malaysias central bank, Bank Negara Malaysia, or the Securities Commission.

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