Victims allege billions lost in cross-border investment scam linked to M'sian

An alleged cross-border online investment scheme, said to have been promoted by a Malaysian, has left victims from several countries counting massive losses, with the total amount believed to run into the billions.

Speaking at a press conference today, lawyer Andy Yeoh said the scheme centred on an online investment platform launched in 2018, which was marketed as a legal and stable opportunity offering consistent returns.

The scheme drew investors from several countries and territories, including Malaysia, China, Taiwan and South Korea.

The platform is believed to have amassed about 970,000 accounts before ceasing operations in September 2025.

“However, serious concerns had arisen since 2021 when the clients couldn't withdraw their invested money (from the platform). At this stage, we must emphasise that it turns into a legal subject matter,” Yeoh said at the Yeoh Shim Siow & Lay Kuan law firm office.

Up to RM8b in losses

The lawyer added that his firm has sent out a Letter of Demand (LOD) to the company, but claims that it has denied all allegations.

It was also alleged that the individual promoting the platform has been investigated under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 and has been listed in the Interpol red notice.

Malaysiakini is withholding the company and individual’s name pending verification.

Yeoh, who represents more than 300 clients from various countries, said overall losses suffered by his clients could reach as high as RM8 billion.

He added that the group had lodged seven police reports today at the Cheras district police headquarters, and is seeking clarity on what had happened to their funds.

“Our position is very straightforward. All the victims want their money back. They want to know what happened to the scheme and what happened to their invested money.

“We urge all parties with any information to come to us and tell us what happened to this scheme and platform,” he said.

Victims in debt, severe distress

Speaking on behalf of other victims, Liu Chun Kuang from Taiwan said many were initially drawn in by assurances that the platform was legal, stable and capable of delivering consistent returns.

However, he said the situation took a turn when investors found themselves unable to withdraw their funds, leaving many in severe financial distress.

“Most of our savings have been used up. Many victims' real estate has been auctioned off. They are in debt,” he said.

Liu added that some victims had travelled to Malaysia multiple times in an effort to resolve the matter, but without success.

The group is now pursuing legal action and has called on the government to assist in the investigation.

“We will seek justice. Hereby, we urge the Malaysian government to intervene in the international investigation and conduct a thorough investigation of all investors. We sincerely ask for your cooperation,” Liu said.

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