A TechBullion report dated 6 December 2024 says a Malaysian manager lost RM300,000 after responding to a cryptocurrency investment ad linked to a platform called UVKXEVIP. The report characterizes the case as an investment scam, but the incident details have not been independently corroborated in the sources cited here. If you have sent money to a suspicious investment offer, contact your bank and call Malaysia’s NSRC hotline at 997 promptly.
What happened in the reported UVKXEVIP case?
TechBullion’s 6 December 2024 report describes a 60-year-old male manager at a local private company who encountered a cryptocurrency investment advertisement on social media. According to the article, he accessed a platform it called UVKXEVIP, joined a WhatsApp group, downloaded an app, and transferred a total of RM300,000 to accounts provided by people behind the offer. When he later tried to withdraw the funds shown on the platform, he reportedly could not do so. The report also says he made a police report, but it does not link to an independently verifiable police record.
These details should be treated as the account in that secondary report, not as an independently verified finding about the platform. The available sources do not establish whether UVKXEVIP or its website is still active, whether the Securities Commission Malaysia (SC) currently lists it, or whether any money was recovered. The RM300,000 figure is the amount reported by TechBullion; no independent case-specific figure is available here. Read the TechBullion report.
What should you do if you transferred money to an investment scam?
If you suspect you have been defrauded, act quickly. The Government of Malaysia’s NSRC guidance says to contact your bank, call the National Scam Response Centre at 997 within 24 hours of discovering the scam, and make a police report at the nearest station. The NSRC handles online financial scams, including investment scams, and its hotline operates 24 hours a day, every day. Prompt reporting may help authorities block accounts or transactions, but it does not guarantee that funds will be recovered. NSRC 997 Hotline guidance.
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- Contact your bank immediately. Use the bank’s official number or app, explain that the transfers may be fraudulent, and ask what steps it can take to secure your account and flag the transactions.
- Call NSRC at 997. The government advises calling within 24 hours of discovering the scam.
- Make a police report. The government’s guidance says to lodge a report at the nearest police station.
- Keep relevant records available. Save the investment link, app name, screenshots, chats, transfer receipts, recipient account details, and contact information for your bank and the authorities. This is practical preparation, not a quoted official evidence checklist.
- Do not send more money to release a balance or recover funds. Treat any demand for an additional payment with caution. The UVKXEVIP report does not establish that such a demand was made in that case.
How can you check whether an investment offer is authorised in Malaysia?
Use the check that matches what you need to verify. These services can help identify warning signs, but a result that does not show a name is not proof that an offer is legitimate.
| Check | What it can help you check | Important limit |
|---|---|---|
| SC Investment Checker | An investment offer or intermediary. | A check is not a guarantee that an offer is safe or authorised in every respect. |
| SC Investor Alert List | Websites, products, companies, and individuals the SC has identified as unauthorised. | The SC says the list is non-exhaustive and updated periodically. An absent name does not establish legitimacy. |
| Royal Malaysia Police Semak Mule portal | A suspected phone number, bank account number, or company name. | A check is one screening step, not a guarantee against fraud. |
The Government of Malaysia recommends Semak Mule for checking suspected details. The SC also encourages the public to report or enquire about suspicious capital-market activity. Government guidance on the Scammer Account Verification Portal.
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What warning signs do Malaysian authorities describe?
The SC’s 4 July 2024 warning about pre-IPO investment scams is separate from the UVKXEVIP report; it does not prove that the same tactics were used in that case. The SC warned that scammers may add people to WhatsApp groups without permission, use fake investor testimonials, and ask for subscription payments to accounts unrelated to an IPO. It advised investors to verify offers through the Investment Checker and avoid transferring money to suspicious accounts. In that warning, the SC said it had received complaints and enquiries from investors reporting losses exceeding RM800,000. That was the SC’s reported figure for complaints and enquiries in that context, not a national total or a UVKXEVIP-specific amount. SC pre-IPO scam warning, 4 July 2024.
Be wary of treating official-looking paperwork, an authority’s name, a displayed app balance, or a promised return as proof of approval. In its 6 September 2024 warning on fake investment information memorandums, the SC stated: “the lodgment of an IM does not constitute an endorsement by the SC.” SC warning on fake information memorandums, 6 September 2024.
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Can you get your money back?
There is no confirmed recovery outcome for the reported UVKXEVIP case in the available account, and reporting a suspected scam does not guarantee a refund. Contacting your bank and NSRC quickly is the official recommended response; the government says prompt reporting may help authorities block accounts and transactions, but it does not promise recovery.
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