RoyalQ Scam: Major-Bank Imposter Swindles Malaysian Investor out of RM5,000

RoyalQ, a fraudulent broker previously exposed by BrokersView, has resurfaced on social media, resulting in financial losses for unsuspecting investors.

The victim and his friend, another victim of the scam, joined a Telegram group called "CIMB Tap N Pay," the name of a payment solution, and thought there was a good opportunity to invest and make money.

The group's name and avatar led the victim to believe that the scammer's investment scheme was offered by CIMB and he agreed to transfer RM2,000 to the bank account provided by the fraudster.

According to the group administrator, with the help of the AI-trading bot, the investor has a 95% probability of earning RM90,000 profit after 3 to 6 hours. Even if the ‘trading’ failed, the investor was able to recover all the principal.

A few hours later, the account balance reached RM90,000, but the scammer did not seem to be willing to give the profit. Instead, he asked for a fee amounting to RM3,000 for withdrawing.

Unexpectedly, the scammer still did not relent after receiving the second payment. He prevented the withdrawal of funds and pushed the victim to pay more inexplicable fees.

The victim refused to pay more but was kicked out of the group without having his money back or ways to complain.

According to the screenshots of the account provided by the victims, the unlicensed broker RoyalQ provided the illegal investment service. It was warned by the Securities Commission of Malaysia (SC) in 2021 and 2024 for promoting illegal investment schemes.

BrokersView has also reported on the experiences of several RoyalQ victims.

Investors are advised to visit your local financial regulator's website and check whether the financial brokerage firm you are interested in is authorized to provide financial services or products before conducting any trading activities to avoid dealing with illegal firms.