50-year-old pilot loses RM1.36 million to fake investment scam via Instagram app

Summary

A 50-year-old pilot lost RM1.36 million after falling victim to a non-existent investment scam promoted via Instagram. The victim, who began investing in October 2024, was directed to a fake investment platform called UVKXE and made 34 cash transfers to 10 different accounts between October and December 2024. The scammer encouraged the victim to invest large sums in exchange for promised high returns and various benefits, but only provided a single payout of RM4,300. After attempting to withdraw funds through the app and receiving nothing, the victim realized he had been scammed and filed a police report. The police are investigating under Section 420 of the Penal Code. Authorities have warned the public to be cautious of unregulated investment apps and unrealistic returns promoted on social media.