Fraudulent Trading Scheme on Telegram Promises 20x Returns: Malaysian Trader Scammed

Trading scams on Telegram show no signs of slowing down in Malaysia. A recent victim fell prey to a fraudulent investment group named “SYARIAH CRYPTO TRADING NO.1”. The group lures individuals with promises of substantial profits through bogus trading packages, demands additional payments, and ultimately becomes uncontactable. 

The victim reported her experience of being scammed in the Telegram group. Initially, she was added to the group randomly and stayed out of curiosity. The “group members” frequently posted updates about trading profits and promoted package deals. She was convinced to make a transaction of RM 4,000 to join their so-called trading scheme. Subsequently, she was instructed to pay an additional RM 500 for extra charges. After making this payment, she attempted to contact the scammers to stop trading for her, but her messages were ignored, and she was ultimately removed from the group.

On Telegram, fraudulent group administrators or malicious actors can easily add users to their groups when they have obtained user contact details through unethical means. To protect yourself, restrict who can add you to groups by navigating to Settings > Privacy and Security > Groups in Telegram. This can help prevent potential connections with scammers.

Trading or investment packages promising unrealistic earnings are promoted in such groups, often with claims that trading accounts will be opened and "professional traders" will conduct trades for you—all you need to do is deposit money. These are blatant scams. 

In this case, the trading packages offered by “SYARIAH CRYPTO TRADING NO.1” falsely promise guaranteed returns of 20 times or more, which is entirely detached from reality. Avoid trusting any investment opportunities that promise effortless high returns.

Testimonials from other group members about investment returns and so-called success stories often persuade victims to believe in the scheme’s legitimacy and credibility. However, these group members are scammer fellows. Together, they fabricate an illusion of ongoing profitable trading to deceive individuals into engaging in the fraudulent scheme and ultimately swindling them out of their money.

In some more sophisticated instances, scammers often claim association with well-known financial institutions or impersonate them to build trust. This highlights the importance of directly verifying the authenticity via official contacts provided by these legitimate companies.

Despite the repetitive tactics employed in these scams, the number of potential victims continues to grow. Staying highly vigilant remains the strongest defense. Always conduct thorough due diligence before transferring any money, and never send money to unknown individuals or companies.