RM624,617 Gone After He Downloaded the "XGI Horizon" Mobile App

A 56-year-old store supervisor from Batu Kawan, Penang, has lost RM624,617 after falling victim to an online investment scam linked to a fraudulent trading app.

According to Acting Penang Police Chief Datuk Mohd Alwi Zainal Abidin, the victim first encountered the scheme in February through a Facebook advertisement that promised exceptionally high returns. The ad directed him to contact an individual via WhatsApp, who presented himself as a legitimate investment representative.

Lured by the prospect of quick profits, the victim was instructed to download the XGI Horizon app, register for an account, and begin “investing” through the platform.

Between 18 February and 24 April, the victim made 31 separate transfers into 10 different company accounts, totalling RM624,617.

The deception came to light when the victim attempted to withdraw his supposed profits. Instead of processing the request, the scammer demanded additional payments. It was only then that the victim realised he had been defrauded.

He lodged a police report at the Seberang Perai Selatan Police Headquarters. The case is currently being investigated under Section 420 of the Penal Code for cheating.

A Growing Pattern of Sophisticated Scams

This incident mirrors a disturbing trend across Malaysia, where fake investment platforms are increasingly targeting ordinary individuals through social media. These platforms often mimic legitimate trading sites, featuring convincing logos, user interfaces, and fabricated profit dashboards.

The use of platforms like Facebook and WhatsApp allows scammers to build personal trust quickly while maintaining anonymity. Victims are often persuaded to download apps from unofficial sources, giving fraudsters full control over communication and transactions.

Authorities warn that scammers now use real company names, stolen business identities, and AI-generated images to appear credible. Once victims begin transferring money, funds are immediately channelled into multiple accounts, often across different banks, to obscure their trail.

DON'T TRANSFER: Requests to Transfer Funds to Other Accounts Could be a Scam!

DON'T TRANSFER: Requests to Transfer Funds to Other Accounts Could be a Scam!

When a broker or its agent asks you to transfer money into an unusual or unrelated account, treat it as a serious warning. This practice is one of the most common signs of a scam in online trading, and ignoring it can cost you your savings!

News 2025-09-04

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Scam Alert: Verify Before You Invest

Police have issued a scam alert, urging the public to be extra cautious when encountering online investment opportunities, especially those claiming to offer guaranteed or unusually high returns.

Before investing, members of the public should:

Verify all brokers and platforms through Bank Negara Malaysia (BNM) or the Securities Commission Malaysia (SC).

Use trusted verification tools such as WikiFX to confirm if a broker is licensed and regulated.

Avoid downloading trading apps from unofficial sources or links sent through messages.

Be sceptical of unsolicited investment invitations via Facebook, WhatsApp, or Telegram.

Report suspicious cases immediately to the National Scam Response Centre (997) or the Commercial Crime Investigation Department (CCID) at 03-2610 1559.

As online investment fraud continues to rise, vigilance and verification remain the most effective defences.

How WikiFX Helps Investors Stay Protected

Platforms like WikiFX have become critical in helping investors identify legitimate brokers amid the flood of fraudulent operators. As an independent third-party service, WikiFX maintains a global database of over 70,000 licensed brokers, providing users with detailed profiles, regulatory information, and risk ratings.

By simply searching for a companys name, investors can instantly see whether a broker is regulated, unlicensed, or blacklisted. WikiFX also offers case analysis and consultation services for individuals who suspect they have been scammed, helping them understand their recovery options.

Its Exposure Service allows victims to report fraudulent brokers and share their experiences publicly, helping prevent future losses. Every report is verified before being published, and personal information is handled under strict confidentiality protocols.

The Allure of ‘Easy Profit’

Experts warn that the psychology behind scams like this is as dangerous as the technology itself. Fraudsters know how to manipulate emotions — particularly greed, fear of missing out, and trust.

The promise of instant success or “limited-time opportunities” often overrides rational caution, leading victims to act quickly before verifying. Scammers exploit this urgency to close the deal before doubts arise.

In the Batu Kawan case, the professional appearance of the XGI Horizon app and the persuasive tone of the “investment adviser” were enough to convince the victim that he was dealing with a legitimate business.

A Costly Reminder for All Malaysians

The RM624,617 loss suffered by the Penang store supervisor adds to a growing list of Malaysia investment scam cases reported this year. From retirees to working professionals, scammers are proving that anyone can be targeted regardless of age, experience, or background.

As digital investment platforms proliferate, the line between legitimate and fraudulent services continues to blur. This makes education, verification, and scepticism the cornerstone of safe investing.

Authorities continue to stress that any scheme promising high returns with low risk is almost certainly a scam.