Construction Datuk Director Loses RM26.6 Mil to UVKXE Crypto Scam

A 74-year-old director of a construction company has reportedly lost RM26.6 million after falling prey to a cryptocurrency investment scam linked to the UVKXE app. The case, which is one of many involving the fraudulent scheme, is currently under investigation by Malaysian authorities.

According to Datuk Seri Ramli Mohamed Yoosuf, director of the Bukit Aman Commercial Crime Investigation Department, the victim filed a police report in Brickfields after realising the extent of the scam. The fraudulent investment opportunity had been advertised through a Google search, leading the victim to engage with the scheme.

After clicking on a link within the advertisement, the victim was added to a WhatsApp group named “12 Gathering Stocks Into Gold,” where he was introduced to investment strategies by an individual known as 'Professor Stanley Lim'. Encouraged by the prospect of high returns, the victim proceeded to download the UVKXE app and began investing.

Between 17 October and 24 December last year, the businessman transferred funds on nine separate occasions to nine different bank accounts, all registered under various company names. At the start of this year, he reviewed his investment account and found that it reflected purported profits amounting to US$269,247,546.88 (approximately RM1.2 billion) in USDT, a stablecoin launched by Tether in 2014.

However, when attempting to withdraw his earnings, the victim was informed that an additional RM5.56 million had to be paid for tax purposes before the funds could be released. This demand raised concerns, ultimately prompting him to report the incident to the authorities.

Investigations have revealed that five bank accounts linked to the fraudulent company have been previously associated with 38 other cases of fraud. Authorities have also confirmed that 46 police reports have been filed regarding the UVKXE investment scam, with total recorded losses amounting to RM61,459,449.88.

The case is being investigated under Section 420 of the Penal Code, which deals with cheating-related offences. Law enforcement agencies continue to urge the public to exercise caution when encountering investment schemes that promise unrealistic returns, particularly those promoted through unverified online channels.

Under no circumstances should you engage with an investment scheme advertised on social media that promises high returns or sounds too good to be true without exercising caution. If in doubt, download the free WikiFX mobile application from Google Play or the App Store. This global broker regulatory query platform, at your fingertips, provides detailed information about brokers, including their regulatory status, customer reviews, and safety ratings. It allows users to verify the legitimacy of investment platforms before committing their money. With access to in-depth insights and risk alerts, WikiFX equips potential investors with the tools to make informed decisions and steer clear of unauthorised or unlicensed entities. By using WikiFX, users can safeguard their savings and avoid the costly traps of fraudulent investment syndicates.