Two Complaints against Royal Q! Avoid the Illegal Unlicensed Broker

Adding investors into a group and falsely claiming that they can earn high profits by depositing lower funds is a common scam used by fraudsters. No one even knows how they take users' money to trade, but they claim to have made a profit. However, when users want to withdraw their money, scammers set up heavy obstacles to further defraud users of funds.

A few days ago, BrokersView received a complaint from a user who was lured into a Telegram group by none other than the unregulated broker Royal Q and induced to invest his money. Back in April, a user also complained to BrokersView about the scam broker, complaining they refused to give him money back.

Two users were added into the group by two different scammer contacts at Royal Q and were lured by the same fake investment packages.

According to the package details we have seen, the minimum deposit amount is RM300, which can generate a corresponding profit of RM5,000. The higher the deposit amount, the higher the profit made. Both users chose to deposit RM1,000. If the investment package was true, they would have made a profit of RM22,000 respectively, however, it was not.

According to the screenshot provided by the user who recently filed a complaint, the scammers falsely claimed that the user's account had profited the corresponding RM22,000. In terms of profit sharing, the user gets 70% and the other 30% goes to the trader who helped the user make “profit”. However, the scammers asked the user to pay the 30% to them first before he even got his hands on the profit, citing that the user's account must be registered for the 100% withdrawal to go to his bank account as a reason.

The user made several payments and never received the funds, and it was at that time that he realized he had already been scammed. The user was defrauded of RM3,050 in total.

Another user who filed a complaint back in April was swindled out of an even higher amount when the scammers made a different excuse - taxes. Four hours after she deposited RM1,000, the admin informed her that her profit had been deposited into her investment account. However, she needed to pay about RM6,600 in taxes before she could withdraw her money. After she made the payment, she was told that she needed to pay another RM5,000, and that's when she realized she had been scammed. The total amount of money transferred by the user amounted to RM7,600.

According to this investor, she is often added into such scam groups on Telegram but never cares about them. She was scammed this time because she was suddenly attracted by the group's profit feedback, but in fact, it is believed to be the same person-the scammer, who shared these profits. Therefore, investors are strongly advised to ignore messages that attempt to lure you to join a group and invest.

BrokersView reminds you

Back in 2021, the Securities Commission Malaysia added Royal Q to its investor alert list for operating an illegal investment scheme and carrying on unlicensed capital market activities of dealing in securities. Royal Q's website does not present any information about its regulation, and in fact, it is not regulated by any regulatory body.

BrokersView recommends you avoid dealing with Royal Q and don't let your hard-earned money fall into the hands of scammers.