Abstract:A 70-year-old trader fell victim to a WhatsApp forex scam, losing RM2.1M. Learn how to safeguard your finances and recover losses with WikiFX support.
A 70-year-old clothing trader in Johor was duped out of RM2,118,000 after falling victim to an online forex investment scam he joined via a WhatsApp group. This incident emphasizes the growing risk of fraudulent investment schemes aimed at elderly persons.
The victim, who began investing in November, was lured into the scam by a WhatsApp advertisement. The group administrator enticed the trader to participate by promising substantial returns on foreign currency trading.
After contacting the administrator for more information, the trader was tempted by promises of quick returns. He transferred RM2,118,000 to the scammer's bank accounts over a series of transactions.
To keep track of his investments, the trader downloaded an app and signed up. The app generated an astonishing RM6.2 million profit. However, every time he attempted to withdraw profits or sell his shares, the transaction failed. He understood he'd been deceived at that point.
Datuk M. Kumar, the chief of Johor Police, warned that internet investment schemes are frequently fraudulent and prey on innocent victims. “Anyone, regardless of status or profession, can fall victim to scams,” he added, advising the public to exercise caution and avoid social media investment opportunities that appear too good to be true.
Director of the Federal Commercial Crime Investigation Department, Datuk Seri Ramli Mohamed Yoosuf, stated that senior persons are especially vulnerable. Between 2022 and 2023, approximately 60,000 people were victims of online fraud, 18.6% of them were above the age of 50.
Being the victim of a scam can be distressing, but recovery is possible. WikiFX, a reputable forex broker verification tool, provides resources and assistance to victims seeking ways to retrieve their money. WikiFX allows customers to protect their money and take action against fraudulent schemes by checking broker validity, giving safety recommendations, and offering expert advice.
Do not wait if you or someone you know has been defrauded. Contact WikiFX immediately for assistance and recovery solutions.
Malaysian influencer Hu Chang Mun, widely known as Ady Hu, has been detained in Taiwan for his alleged involvement in a fraudulent operation. The 31-year-old, who was reported missing earlier in December, was located by Taiwanese authorities after suspicions arose regarding his activities.
Authorities in Thailand have apprehended a Malaysian man and his Thai wife for their alleged involvement in a series of fraudulent investment schemes that inflicted financial damage amounting to 800 million baht.
Discover how MultiBank Group, a global leader in financial derivatives, secured three prestigious awards at Traders Fair Hong Kong 2024, highlighting its innovative trading solutions and industry excellence.
Discover how CySEC resolved compliance issues with Charlgate Ltd, the operator of Fxview, through a €50,000 settlement. Explore the investigation, regulatory measures, and CySEC's new website designed for improved accessibility and transparency.