The Real Story of TriumphFX: How Investors are Losing Millions

Since 2019, a foreign exchange scheme called TriumphFX has been at the centre of a major fraud case in Malaysia. Authorities have reported that investors have lost nearly RM25 million to this operation, which promised monthly profits of up to 7%. What seemed like a smart investment turned out to be a well-organised scam.

TriumphFX attracted victims by holding online meetings, especially on platforms like Zoom. During these meetings, the people behind the scheme built trust with potential investors and persuaded them to download a special app to monitor their investments. But problems started when the company switched from normal currency to cryptocurrency investments, without getting investors permission. This sudden change left many unable to access their money.

To date, police have received 80 complaints linked to TriumphFX, and they‘ve opened 10 investigations under Malaysia’s Penal Code for fraud. Five people suspected of managing accounts used to move stolen money have already been arrested. Authorities say they are continuing to investigate the people at the top of the scheme.

Adding to the problem, a similar scam known as “TriumphFX Clone” has also appeared online. This version promises high returns in just a few hours, using social media to find new victims. Since the start of 2024, police have opened 23 more cases related to this clone scheme, with reported losses of more than RM240,000.

The Malaysian Humanitarian Organization (MHO) has also uncovered another fraud tied to a locally run company. This group, registered in the Seychelles and working through 30 agencies, is said to have stolen RM48 million from 77 people.

TriumphFX is now officially listed on Malaysias Securities Commission Investor Alert List. This warning shows that the broker is considered risky and unreliable.

WikiFX, a platform that checks the safety of brokers, also gives TriumphFX a poor rating, pointing out revoked licences and many complaints from users.

Both police and financial experts warn the public to be very careful with investment offers found online, especially those shared through apps like WhatsApp or social media. Offers that promise fast, high profits are usually signs of a scam.

For anyone thinking of investing, tools like the WikiFX app can help check whether a broker is safe. It shows if a company is licensed and what other users have said about it. Taking these simple steps can protect people from losing their savings.

The TriumphFX case is a strong reminder: always check before you invest. If something sounds too good to be true, it probably is.