2 Biggest Money Game Schemes in Malaysia | Do You Know Them?

Scams and Ponzi schemes are often referred to as “money games.”

People are drawn into these schemes by the promises of quick riches. Such services are truly in high demand. In Malaysia, there are over 40 money game scam operators lurking around. The demand stems from a desire for higher investment returns; people are willing to take risks involved and ignore the warning signs displayed by non-legitimate investment platforms.

Case 1: Genneva Malaysia Sdn Bhd was involved in the biggest gold trading scandal/scam a few years ago. The company was sued for RM146 million by about 1,065 gold traders who claimed the corporation owed them money and gold and could not pay it out. It was allegedly reported that the collapse of Genneva Malaysia Sdn Bhd was because it had 10 times more liability than assets, therefore, was unable to meet its obligations. As The Star reported in October 2016, 11 individuals, including Genneva, were cleared of more than 1,000 counts of accusations relating to illicit deposit taking and money laundering.

Case 2: Investors in the then-famous financial game JJ Poor To Rich (JJPTR) were alerted on April 19, 2017, that their purported investments in the forex trading scheme had utterly vanished. According to the founder, the scam, which promised 20% monthly returns, failed due to a hack into its trading accounts, which cost it $400 million. It is thought that other get-rich-quick scams relied on JJPTR to distribute rewards to their investors, which caused a domino effect that caused them to collapse.

However, not every (new) investment platform is a rip-off. We are currently living in the financial technology golden era (FinTech). FinTech grew and evolved as a solution to our financial issues, from making financial information more accessible to solving traditional investments' lower return rates. Virtual currencies, debt investing, and digital financing are some of the new investment choices introduced by the FinTech industry.

How can you determine if a platform is legit？

Use WikiFX to check for free! WikiFX is a global forex broker regulatory query platform that houses verified information of over 40,000 brokers worldwide while collaborating with 30 national regulators.

We have carefully reviewed and rated every broker in terms of its years of establishment, regulatory status, stability in its trading environment, legitimacy of its business premise and more.

What to do if you have fallen into a money game scam and cannot withdraw your money？

WikiFX also works as a mediator in handling unresolved disputes between the trading client and the broker in question. We will do our best to assist you without any charges.

To get help from WikiFX for your case, log onto our Exposure page with as much evidence as you can gather, then lodge your report.

Alternatively, get in touch with the skilled WikiFX support team through the mediums listed below: