He Lost RM275,000 to a Fraudulent "Moomoo" Scam

A 57-year-old engineer lost RM275000 in an online investment scam that misused the name of a well-known trading platform, Moomoo. The scam was promoted through a Facebook advertisement in April and led the victim to believe he was engaging in a credible investment opportunity.

According to Kedah Commercial Crime Investigation Department chief Superintendent Loi Yew Lik, the victim responded to a Facebook post advertising an investment in Chinese currency. He clicked a link that directed him to a WhatsApp group named “6 Investment Securuties Internasional”, where he began communicating with individuals claiming to represent the scheme.

These individuals, using local mobile numbers, promised returns of 10 percent within a matter of days. Convinced by the promised gains, the victim proceeded to transfer a total of RM275000 through eight separate transactions between 27 May and 13 June. The money was sent to two company accounts registered under the names Cisi Infra Solution and Cisi CPT Infra Trading.

Despite his substantial investment, the victim received no returns. When he questioned the delay, the scammers demanded further payments, claiming that the additional funds were required to release both his profits and initial capital. These continued requests raised suspicion, and the victim ultimately realised he had been deceived.

He filed a police report on 29 June at the Baling District Police Headquarters.

Superintendent Loi urged the public to remain cautious when approached with investment offers online. He advised individuals to verify the legitimacy of any schemes through official channels such as the Mule Check application, the Commercial Crime Investigation Departments Facebook page, or by contacting the National Scam Response Centre at 997.

He also noted that scammers often use the names of reputable companies or platforms to appear more convincing, making it even more important for the public to conduct thorough checks before transferring any money.

It is important to clarify that the name Moomoo used in this scam was misappropriated. Moomoo Malaysia is a licensed trading platform operated by Moomoo Securities Malaysia Sdn Bhd. The app, which officially launched in February 2024, allows users to trade Malaysian and United States equities, exchange-traded funds, warrants, real estate investment trusts, and subscribe to initial public offerings through a fully digital process.