Social Media Investment Scam Costs Malaysian Pilot Over RM1.36 Million

In a recent case of social media investment fraud, a 50-year-old Malaysian pilot lost over RM1.36 million after falling victim to a non-existent investment scheme promoted via Instagram. The victim began participating in the scheme in October 2024 and was promised high returns and various benefits.

The scammer directed the victim to a website for the application “UVKXE” and provided instructions on how to use the platform. Although no specific returns were promised, the victim seeking quick profits was encouraged to invest as much as possible to gain benefits and high returns.

Over the course of three months, from October to December 2024, the victim transferred RM1,366,885 through 34 transactions to 10 different accounts provided by the scammer. Despite the substantial investment, the victim only received a single payout of RM4,300.

The victim was instructed to withdraw money by pressing a “withdrawal” icon on the application, which was supposed to credit the funds within 24 hours. However, no funds were ever deposited into the victim's account despite pressing the icon. Realizing he had been defrauded, the victim lodged a police report. 

Malaysian authorities are urging the public to exercise caution with investment offers on social media platforms, particularly those that promise unrealistic returns. They advise against using financial or investment applications that are not approved by Bank Negara Malaysia or the Securities Commission Malaysia.