MALAYSIA: A 26-year-old scientist from a private company in Penang, Malaysia has lost RM466,078 to an online investment scam linked to a platform called Digital Realtyv, police said today.
Penang police chief Datuk Azizee Ismail said the victim lodged a report after realising he could not withdraw his “profits” from the application.
The scam began in early September after the victim met the suspect through the Xiao Hong Shu social media app and was offered a high-return forex trading scheme.
The victim was instructed to download the Digital Realtyv app and made his first payment of RM4,500 on Oct 6, receiving a small return the same day a tactic commonly used to build trust.
Persuaded by this initial “profit”, he went on to make 13 more transfers to seven bank accounts, amounting to RM466,078.51 between Oct 6 and Nov 17. The fraud became clear when the platform blocked his withdrawal attempts.
Police are investigating the case under Section 420 of the Penal Code for cheating. Source: Bernama
🔍 HackWarn.com Analysis
Why This Scam Worked
- Small initial profit: Scammers used a fast return (RM4,754) to create trust.
- High-return promises: Common tactic targeting young professionals seeking quick gains.
- Multiple accounts: Funds were scattered across seven bank accounts to evade detection.
- Social media recruitment: Platforms like Xiao Hong Shu are increasingly used to lure victims.
Key Warning Signs
- Unrealistic profit guarantees
- Personal bank accounts used for transfers
- Pressure to invest more quickly
- Withdrawal blocked once large amounts are deposited
Immediate Advice
Anyone facing withdrawal issues on unknown investment apps should stop payments immediately, gather evidence, and report to police under Section 420. Never invest through apps or individuals not registered with the Securities Commission Malaysia.
