Scam Alert: She Lost RM343000 to Shugoa AI Investment Scam

A 46-year-old marketing officer from Kulai, Johor has come forward to report losing more than RM343,000 to a fraudulent investment operation that exploited an AI-branded mobile application to deceive her over the span of seven months.

According to the Kulai district police chief, the woman was first approached through channels that promoted an investment programme promising daily profit returns of between 20% and 30% within a 24-hour window. The extraordinary return rates, which far exceed anything offered by any legitimate financial product on the market, were enough to persuade the victim to begin committing funds into the scheme.

The scam operated through an application called “Shugoa AI Investment,” which served as the primary interface through which the victim monitored what she believed to be a growing portfolio. The branding of the app around artificial intelligence is a deliberate tactic increasingly used by fraudsters to project an image of technological sophistication and credibility, making the scheme appear more plausible to potential targets.

Over a period stretching from September 2025 to April 2026, the victim carried out 13 separate payment transactions, channelling a combined total of RM343,190 into 10 different local bank accounts. The use of multiple accounts across numerous transactions is a well-established money-laundering technique used by syndicate operations to disperse funds quickly and avoid detection by financial regulators.

Throughout this period, the application continued to display impressive-looking figures. The victim reported seeing what appeared to be accumulated profits of RM1.5 million shown on her account screen, a number that would have reinforced her confidence and encouraged further investment. This fabricated profit display is a hallmark feature of investment scam apps, designed to keep the victim engaged and prevent them from questioning the legitimacy of the scheme before the syndicate decides to cut off contact.

The turning point came when the victim attempted to make a withdrawal. Rather than receiving any funds, she discovered that her account within the application had been completely blocked. Unable to access either her principal investment or the profits she had been shown, she finally realised she had been deceived and proceeded to file a police report.

Authorities confirmed the case is currently being investigated under Section 420 of the Penal Code, which covers cheating offences. The use of AI-themed branding in scam applications is a growing concern among financial regulators and law enforcement agencies globally. Fraudsters understand that associating their schemes with buzzwords like artificial intelligence lends an air of innovation and modernity that can lower the defenses of even relatively cautious individuals.

Additionally, the practice of directing payments across multiple unrelated bank accounts rather than into a single verifiable corporate account is a strong indicator of fraudulent activity. Genuine investment platforms operate through regulated financial channels with transparent fund management practices.

Members of the public who encounter similar applications or investment solicitations are strongly encouraged to verify the legitimacy of any platform with the Securities Commission Malaysia or Bank Negara Malaysia before committing any funds.