TriumphFX: The Persistent Forex Scam Draining Millions from Malaysians

Authorities have uncovered extensive losses amounting to over RM23.7 million in connection with the TriumphFX foreign exchange investment scam, with 72 cases reported to date. The Bukit Aman Commercial Crime Investigation Department has confirmed that the fraudulent operation lured victims through online meetings, promising lucrative monthly returns ranging from 4% to 7%.

Investigations indicate that the scheme has been active since September 2019, preying on unsuspecting investors drawn in by the prospect of quick and substantial profits. Despite repeated warnings and legal actions, the scam continues to attract victims. The police have initiated 10 investigations under Section 420 of the Penal Code, which addresses cases of fraud and deception. If convicted, those responsible face prison sentences ranging from one to ten years, along with caning and financial penalties.

Further scrutiny has revealed that a syndicate operating under a similar name—TriumphFX Clone—has been leveraging social media platforms to attract new victims. This offshoot scam has been marketing investment opportunities with promises of significant returns in as little as three hours. Since the beginning of 2024, authorities have launched 23 investigations into related activities, accounting for additional losses totalling RM243,376.90.

The scale of deception extends beyond TriumphFX itself. The Malaysian Humanitarian Organization (MHO), a non-governmental organisation, has disclosed that a company suspected to be locally controlled orchestrated a separate scam, defrauding 77 victims of RM48 million. Investigations suggest that the company operated through a network of 30 agencies and was strategically registered in Seychelles to obscure its fraudulent activities.

Despite the long-standing notoriety of TriumphFX and its clones, many investors continue to fall for the scheme. Law enforcement officials strongly advise the public to exercise caution when approached by investment schemes promising high and consistent returns.

On top of that, TriumphFX is also a included in Malaysia‘s Securities Commission’s Investor Alert list signifying the underlying risk and incredibility of this broker.

It is important to note that WikiFX, a global forex broker regulatory query platform has highlighted to our users that TriumphFX is a lowly rated broker with revoked licenses and multiple complaints.

Under no circumstances should you engage with an investment scheme advertised on social media that promises high returns or sounds too good to be true without exercising caution. If in doubt, download the free WikiFX mobile application from Google Play or the App Store. This global broker regulatory query platform, at your fingertips, provides detailed information about brokers, including their regulatory status, customer reviews, and safety ratings. It allows users to verify the legitimacy of investment platforms before committing their money. With access to in-depth insights and risk alerts, WikiFX equips potential investors with the tools to make informed decisions and steer clear of unauthorised or unlicensed entities. By using WikiFX, users can safeguard their savings and avoid the costly traps of fraudulent investment syndicates.