Online Investment Scams "Freeman Ltd" and "Demax Global" Cost Malaysian Retirees Over RM1.1 Million

Malaysian authorities have launched investigations into two new cases of online investment fraud, where two retirees lost a combined RM1,148,370 to deceptive schemes promoted on social media.

Retired Employee Lured by “Freeman Ltd”’s High-Return Promise

In the first case, a 55-year-old former private-sector employee fell victim to an investment scheme run by “Freeman Ltd”. The scam originated from a Facebook advertisement in early April, promising 7% returns on each investment within a short period.

Communicating with the fraudsters via WhatsApp, the victim was instructed to download the “Freeman Ltd” app, register as a member, and invest through the platform. Over a span of five weeks—from April 19 to May 26—he transferred RM827,120 across 22 transactions to six different company bank accounts.

The victim’s realization of the scam came when the app displayed RM23.2 million in “profits”, but withdrawal requests were repeatedly denied.

Retired Factory Technician Defrauded by “Demax Global”

A separate similar case involved a 56-year-old retired factory technician, who was drawn into an online investment scheme promoted by “Demax Global”. The scam surfaced via an Instagram advertisement in December last year, boasting a 30% return within three months.

The victim followed instructions to download the “Demax Global” app and begin investing, making his first deposit of RM20,000 on March 21. Encouraged by an initial payout of RM14,150, he continued investing, ultimately transferring RM321,250 across 11 transactions to four different bank accounts between March 27 and June 3.

The deception unraveled when the victim failed to withdraw RM280,000 in displayed “profits”. Instead of approving the request, the fraudsters demanded an RM120,000 withdrawal fee. When he proposed deducting the fee from his account balance, the scammers refused, insisting on a separate payment.

The two cases highlight the growing threat from investment schemes promoted on social media. In the latest online investment scam exposed by BrokersView, a fake trading platform poses as OctaFx to lure victims.

The public is advised to verify all investment opportunities with relevant regulators and to remain cautious of schemes promising high returns with minimal risk. If you suspect a website is fraudulent or have fallen victim to a financial scam, you can Submit a Complaint to BrokersView.