TriumphFX Investment Scam Still Triggers Police Reports with Over RM23 Million in Losses

A forex investment scheme operating under the name TriumphFX has accumulated over 72 police reports and generated documented losses of approximately RM23.7 million since it began attracting investors in September 2019, Malaysian authorities have confirmed. The case has drawn significant attention from the Commercial Crime Investigation Department, which is now managing multiple investigation papers linked to the platform while also tracking a separate but related wave of clone operations bearing the same name.

According to the director of Bukit Aman's Commercial Crime Investigation Department, Datuk Seri Ramli Mohamed Yoosuf, the original TriumphFX scheme recruited investors through both in-person engagements and online sessions conducted via video conferencing platforms. The investment product promised monthly returns of between four and seven percent, figures that would be considered exceptional by any conventional financial standard and that ought to have served as a warning signal to those approached.

As of late February 2025, police had opened ten investigation papers in connection with TriumphFX, with the losses recorded across those specific cases amounting to RM2.04 million. All ten files remain active and under investigation. The wider pool of 72 police reports, encompassing losses totalling RM23.7 million, reflects the full scope of complaints received from investors who believe they were defrauded by the platform and its associated promoters.

The situation became more complex when authorities detected a second wave of fraudulent activity using the TriumphFX brand without authorisation. These copycat operations, commonly referred to as clone platforms, were found to be promoting their services through Facebook, Instagram, TikTok, and Telegram. Unlike the original scheme, which at least offered monthly return promises, the cloned versions were marketing supposed profits achievable within as little as three hours, a claim that pushed the boundaries of credibility even further.

Police confirmed that 23 separate investigation papers have been opened in relation to TriumphFX clone operations, with losses linked to these cases reaching RM243,376. Investigations into the clone activities are ongoing, and authorities are working to identify the individuals and networks responsible for running these impersonation campaigns.

The case took on an additional dimension when the secretary-general of the Malaysia International Humanitarian Organisation, Datuk Hishamuddin Hashim, made public statements alleging that a broader fraud syndicate operating through a network of approximately 30 proxy companies had defrauded around 77 victims of nearly RM48 million. Though the specific details of that operation were being examined separately, the overlap in tactics and the involvement of local perpetrators suggested a pattern of organised financial crime targeting Malaysians through layered corporate structures designed to obscure accountability.

For investors who have lodged reports, the wait for resolution remains a source of considerable frustration. Authorities have urged the public to verify the credentials of any investment platform or individual offering financial products through the Securities Commission Malaysia or Bank Negara Malaysia before committing any funds.