RM466,000 Lost—How a Scientist Fell for a Forex Fake

A 26-year-old scientist in Penang has lost RM466,078 to an online investment scam that promised quick, high returns. Penang police chief Datuk Azizee Ismail said the victim lodged a report at the Southwest district police headquarters yesterday.

According to police, the man was first contacted in early September via the Xuon Hong Shu application. He was introduced to a “foreign exchange trading” opportunity that allegedly delivered fast profits. The suspect then instructed him to download an app called “Digital Realtyv” to register and begin investing.

On 6 October, the victim made an initial transfer of RM4,500 to an individuals bank account. He received RM4,754 back the same day—an early payout that convinced him the scheme was legitimate. Encouraged by the return, he increased his capital substantially. Between 6 October and 17 November, he completed 13 transfers totalling RM466,078.51 into seven different accounts.

The scam unraveled when he tried to withdraw his supposed profits and found he could not. Realising he had been duped, he filed a police report. The case is being investigated under Section 420 of the Penal Code for cheating.

Authorities and industry experts continue to urge the public to verify any online investment before transferring funds. Always check whether the platform is licensed and regulated. Tools such as the WikiFX mobile app—available on Google Play and the App Store—allow users to look up brokers, review their regulatory status, read user feedback and check safety ratings. These steps can help investors avoid unlicensed platforms and better understand the risks involved.

For the young scientist, the warning came too late. What began as a bid for financial security ended in a devastating loss—another reminder that offers which seem easy or promise outsized returns often carry the highest risk.