TriumphFX Scam Uncovered: 72 Malaysians Defrauded

TriumphFX Scam Uncovered as 72 Malaysians are defrauded, losing $5.3 million in a fraudulent forex investment scheme. Authorities in Malaysia have received 72 complaints from individuals who claim to have been victims of TriumphFX, an offshore forex broker that locals allege to be fraudulent. According to the Federal Commercial Crime Investigation Department (CCID), these victims collectively lost over MYR 23.7 million (equivalent to USD 5.3 million) to the so-called “syndicate.”

“The syndicate is believed to have been active since September 2019 and is linked to losses totalling RM23.7 million to date,” stated Bukit Aman CCID Director Datuk Seri Ramli Mohamed Yoosuf.

TriumphFX Scam Uncovered: Regulatory Warnings Ignored

Malaysia had flagged TriumphFX as early as 2020, placing the broker on its regulatory warning list. Singapore followed in 2021 when the Monetary Authority of Singapore (MAS) also cautioned against TriumphFX.

At present, the primary websites associated with TriumphFX are inaccessible. The investment scheme had promised investors monthly returns ranging between 4 and 7 per cent. Investigations further revealed that the syndicate attracted victims through Zoom chat sessions.

Malaysian authorities are currently investigating 10 investment-related cases linked to the alleged perpetrators. If found guilty, they could face prison sentences ranging from one to 10 years, along with whipping and monetary penalties.

Additionally, Malaysian authorities have uncovered a TriumphFX clone that offers forex investment schemes and promotes itself through social media. This clone even claims to provide “profits as soon as investors make the investment.”

“Between 2024 and now, we have opened 23 investigation papers involving losses of RM243,376.90,” Yoosuf said regarding the clone platform.

Illegal Investment Scheme

Financial fraud remains a pressing issue in Malaysia. Previously, the Malaysian Humanitarian Organisation (MHO) highlighted another scam—allegedly run by locals—that defrauded 77 victims of MYR 48 million.According to MHO Secretary General Hishammuddin Hashim, a company registered in Seychelles operated the scam, using 30 shell companies to facilitate its activities.

TriumphFX Under Scrutiny

TriumphFX conducted operations from loosely regulated offshore jurisdictions and held an operational licence from the Cypriot regulator. Interestingly, while the company under the same ownership is distancing itself from the TriumphFX brand, it has rebranded as ShineTrades, continuing to offer forex and CFDs trading.

In December 2023, the Cypriot Securities and Exchange Commission (CySEC) suspended the shareholder rights of TriumphFX’s sole indirect shareholder, Chong Chun Hseung, due to management concerns. Recently, authorities extended the suspension for another six months.

However, Hong Kong’s Securities and Futures Commission (SFC) was likely the first regulator to raise red flags about TriumphFX, issuing a warning as early as 2015. The regulator had flagged Triumph Global (Asia) Limited and its brand, TFX Global, for using a local address to offer services in Hong Kong without the necessary SFC licences. At the time, Triumph International Limited, based in the British Virgin Islands, managed the entity.

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