Home -
Original -
Main body -

WikiFX Express

IC Markets Global
XM
FXTM
Saxo
Elite Capitals
EC Markets
KVB
FOREX.com
Galileo FX
FXDD

RM15,000 Profit Turned into RM1.1 Million Loss for Engineer!

WikiFX
| 2025-04-24 16:43

Abstract:What started with a small profit of RM15,000 quickly turned into a financial disaster, draining an engineer’s savings and money borrowed from family.

20250424-162144.jpeg

A 36-year-old engineer in Malaysia lost more than RM1.1 million after falling for an online investment scam. What started with a small profit of RM15,000 quickly turned into a financial disaster, draining his savings and money borrowed from family.

Pahang police chief Datuk Seri Yahaya Othman said the victim joined an investment scheme called “Boom-s” on 3 December last year. The man was guided by someone claiming to be an “administrator” who showed him how to use an investment app.

After making his first profit of RM15,023 and successfully withdrawing the money, the victim believed the scheme was real. He continued investing and made 19 transactions to seven different bank accounts, adding up to RM1.1 million.

The administrator later told him he had earned over RM4 million in profit. But when the victim tried to withdraw the money, the administrator kept giving excuses and delaying the process. In the end, he never saw the money again.

Realising he had been scammed, the man filed a police report. Authorities are now investigating the case.

Datuk Seri Yahaya advised the public to be very careful with online investment offers. He stressed the importance of checking whether an investment is real before putting in any money.

2.jpeg

Read this article to learn why scammers let you win in the initial phase of “investment”: https://www.wikifx.com/en/newsdetail/202503148244401400.html

With online scams becoming more common, police and financial experts are warning people not to trust offers that promise quick and easy money. Even smart, educated individuals can be tricked by professional-looking scams.

The public is urged to do proper research, check if platforms are licensed, and avoid sharing personal or banking information with strangers online. The loss can be huge, not just financially, but also in terms of trust and relationships with loved ones when borrowed money is involved.

3.jpg

To prevent falling victim to fraudulent schemes like this one, using tools like WikiFX can be a game-changer. WikiFX provides detailed information on brokers, including regulatory status, customer reviews, and safety ratings, allowing users to verify the legitimacy of any investment platform before committing their money. With access to in-depth insights and risk alerts, WikiFX equips potential investors with the resources to make informed decisions and avoid unauthorised or unlicensed entities. By checking with WikiFX, users can confidently protect their savings and avoid the costly traps set by unscrupulous investment syndicates.

ending pic.jpeg
Investment Scam

Read more

5 Reasons to Stay Away from Core Prime Markets

The Forex market is a very unpredictable, complex, and risky place. There are many brokers that appear genuine but can steal your hard-earned money. So, staying alert is the only way to survive in this dynamic environment. Therefore, in this article, we are sharing 5 warning signs about Core Prime Markets.

Original 2025-06-27 18:59

Citibank Sued in $20M Romance Scam Tied to Fraudulent Transfers

Citibank faces a lawsuit over a $20M romance scam. Plaintiff alleges the bank enabled fraud by failing to block suspicious transfers.

Original 2025-06-27 16:36

What are the Major Consequences of Bankruptcy?

Bankruptcy is a common term we hear every day. But what exactly does it mean? Is it a banking crisis or an investment scam? How does it work, and what happens to people's investments? What are the consequences of bankruptcy? This article explores all of these important questions.

Original 2025-06-26 20:07

Is Your Broker in this list? Checkout Latest FCA Warning List & Stay Safe!

The Financial Conduct Authority has released a brand-new list of scam brokers for 2025. You must check out this list before these fraudulent brokers of the forex market scam you.

Original 2025-06-26 18:15

WikiFX Express

IC Markets Global
XM
FXTM
Saxo
Elite Capitals
EC Markets
KVB
FOREX.com
Galileo FX
FXDD

WikiFX Broker

FXTM

FXTM

Regulated
OANDA

OANDA

Domestic Regulation
ATFX

ATFX

Regulated
EC Markets

EC Markets

Regulated
FOREX.com

FOREX.com

Domestic Regulation
FBS

FBS

Regulated
FXTM

FXTM

Regulated
OANDA

OANDA

Domestic Regulation
ATFX

ATFX

Regulated
EC Markets

EC Markets

Regulated
FOREX.com

FOREX.com

Domestic Regulation
FBS

FBS

Regulated

WikiFX Broker

FXTM

FXTM

Regulated
OANDA

OANDA

Domestic Regulation
ATFX

ATFX

Regulated
EC Markets

EC Markets

Regulated
FOREX.com

FOREX.com

Domestic Regulation
FBS

FBS

Regulated
FXTM

FXTM

Regulated
OANDA

OANDA

Domestic Regulation
ATFX

ATFX

Regulated
EC Markets

EC Markets

Regulated
FOREX.com

FOREX.com

Domestic Regulation
FBS

FBS

Regulated

Latest News

eToro UK Launches 4% Stock Cashback Card: Earn Up to £1,500 Monthly

WikiFX
2025-06-25 13:58

EBC Expands ETF CFD Offering & Copy Trading Education Partnership

WikiFX
2025-06-25 16:23

Gold Prices Continue to Fall as Israel, Iran Agree on Ceasefire

WikiFX
2025-06-25 17:07

China steps up push to internationalise the yuan as global dollar dominance wavers

WikiFX
2025-06-25 13:52

ESMA Proposes Reporting Reforms That Could Cut Costs for Forex Brokers

WikiFX
2025-06-25 17:24

Multibank Group Offices: Global Presence and Contact Info

WikiFX
2025-06-25 16:35

Exposed: Telegram Forex Groups Are Scamming Millions! Not Safe!

WikiFX
2025-06-25 19:23

Bumble jumps 26% as dating company plans to axe 30% of workforce

WikiFX
2025-06-25 14:08

Drone maker AeroVironment shares pop 20% on earnings beat

WikiFX
2025-06-25 14:49

Nvidia shares head for record close as Wall Street shrugs off China concerns

WikiFX
2025-06-25 17:23

Rate Calc

USD
CNY
Current Rate: 0

Amount

USD

Available

CNY
Calculate

You may also like

Lifesecuredtrades

Lifesecuredtrades

MJK-ahs

MJK-ahs

IFC

IFC

KoinFX Trade

KoinFX Trade

G. H. Financials

G. H. Financials

eFX markets

eFX markets

Phillip Capital

Phillip Capital

IQ Option

IQ Option

Akita

Akita

GE GROUP

GE GROUP