Abstract:A Malaysian ex-manager lost RM2 million to a fake crypto investment via the digzax.com platform after being lured by promises of high returns. Police urge caution against unregulated apps and social media offers.

A former company manager has fallen victim to a fraudulent investment scheme, losing nearly RM2 million in the process.

According to Selangor police chief Datuk Hussein Omar Khan, the 59-year-old Malaysian encountered a cryptocurrency investment advertisement on Facebook last October, which led him to join a WhatsApp group called “The Miracle of Stock Market.” The group introduced him to a seemingly lucrative investment opportunity on the platform digzax.com, promising profits of 30% to 70% within a short period.
Between October 29, 2024, and January 18, 2025, the victim made 41 transactions amounting to RM2,055,944 across 11 different bank accounts. Scammers assured him of a projected profit of RM46 million, which never materialized.
“When the victim attempted to withdraw his alleged profits, he was asked to make additional payments under various pretenses. This ultimately led to the realization that he had been scammed,” Hussein said. The case is now under investigation under Section 420 of the Penal Code for cheating and dishonestly inducing the delivery of property.
Hussein urged the public to exercise caution and avoid being swayed by investment offers on social media that promise unrealistic returns, particularly those involving unregulated mobile apps. He emphasized the importance of verifying financial platforms through reliable authorities such as Bank Negara Malaysia or the Securities Commission Malaysia.

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Thailand’s Anti-Cyber Scam Centre (ACSC) reported 392 fewer online scam cases and a 31.4% week-on-week drop in losses—over ฿195 million saved—driven by police suppression and public awareness. Authorities caution that syndicates are relocating and exploiting events (e.g., southern floods). While online purchase fraud remains most common, “reward transfer” scams now cause the highest losses, surpassing investment scams.

So, we will begin this Tio Markets review with the key topic—its regulation and the authorities it is licensed under. After that, we will walk you through the real user complaints we found during our research.

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