He Lost RM377,000 After Falling for Fake Forex Scheme MAXIMA Promising High Monthly Returns

A 47 year old Malaysian man has lost more than RM377,000 after investing in a suspected fake forex trading scheme that promised monthly returns of up to 15 per cent.

According to Kuching District Police chief ACP Alexson Naga Chabu, the victim was first introduced to the scheme, known as “MAXIMA”, during a face to face meeting with a friend in Kota Damansara, Selangor, in January 2025.

The meeting, which took place at around 5pm, reportedly centred on an investment opportunity that claimed to generate fixed monthly profits ranging between 8 and 15 per cent. The attractive returns convinced the victim to participate in the programme.

Police said the victim later began transferring money from his residence in Tabuan Jaya, Kuching, through a series of transactions linked to the scheme.

Investigations revealed that the victim made 14 separate bank transfers to four different bank accounts. He also handed over cash on one occasion as part of the investment arrangement.

In total, the victim invested RM429,047.20 into the scheme over several transactions.

At first, the operation appeared legitimate. The victim reportedly received RM51,614 in returns, a tactic commonly used by fraudulent investment operators to gain trust and encourage larger deposits.

However, the situation changed when the victim attempted to withdraw both his capital and the profits that had been promised. The withdrawals could not be processed, raising suspicions that the investment platform was fraudulent.

Police said the victim eventually realised he had been deceived after repeated attempts to recover his money failed. His total financial losses amounted to RM377,433.20.

Authorities are now investigating the case under Section 420 of the Penal Code for cheating and dishonestly inducing the delivery of property.

Under Malaysian law, the offence carries penalties of between one and 10 years in prison, whipping, and a fine upon conviction.

Fraud syndicates often rely on trust based introductions to attract victims. In many cases, scammers promise fixed returns that appear unusually stable and profitable, particularly during periods of economic uncertainty or volatile financial markets.

Financial crime investigators have repeatedly warned that guaranteed high returns with little or no risk are among the clearest warning signs of investment fraud.

Scammers also frequently use early payouts to create the impression that an investment platform is genuine. Victims are then persuaded to invest larger amounts before withdrawals are eventually blocked.

Authorities have urged the public to conduct proper background checks before committing funds to any investment programme, especially those involving forex trading or claims of guaranteed profits.

ACP Alexson advised investors to verify investment schemes through official channels, including Bank Negara Malaysia and the Securities Commission Malaysia.

Members of the public can check whether a company or investment activity is licensed through Bank Negara Malaysia‘s website or by contacting BNM Telelink. Verification can also be carried out through the Securities Commission Malaysia’s official platforms.