Investors Beware! OctaFX Telegram Investment Scam Busted

A novice trader from Malaysia was defrauded by a clone of the regulated broker OctaFX. He lost RM1,000 (Malaysian currency) on Telegram after encountering scammers posing as OctaFX.

Beginner to Victim

Muzaiman, a newcomer to trading. He was novice and using internet to educate himself about the financial market. During his learning phase, he began picking up trading tips from local traders and joined a Telegram group called “VIP INVESTMENT MALAYSIA.”

The group was managed by an individual named Mohd Shukry Bin Hussain, who was actively promoting an investment scheme. Seeing other members successfully withdrawing profits without any issues. It increased victims confidence.

Victim Created Account

Muzaiman, the victim, contacted the group admin to join the investment. Following the admins instructions, he signed up on a fake trading platform and deposited RM1,000.

After some time, his account showed a “profit” of RM45,000. Muzaiman got excited and asked the admin, Mohd Shukry Bin Hussain, how to withdraw the money. The admin told him he needed to pay an extra fee first in order to withdraw.

Muzaiman felt cheated because the admin had not mentioned any extra fees at the time of investing. That‘s when he realized it was a scam. Unfortunately, he couldn’t get his RM1,000 back, as the scammers had already taken the money.

WikiFX Advises you

Investors need to be vigilant and avoid unregulated brokers who operate without oversight or transparency. Dealing with such entities poses serious financial risks, including fraud, lack of fund protection, and no legal recourse. Always verify a brokers regulatory status with trusted authorities before investing your hard-earned money. Stay informed, stay safe.