Gigamax Cryptocurrency Investment Scam Exposed in Malaysia

The Malaysian Humanitarian Organization (MHO) has unveiled a scam involving the well-known investment platform, Gigamax. The platform claimed to offer a 1% daily profit, deceiving many individuals who relied on their savings. To date, 99 individuals have reported being defrauded, with losses amounting to a staggering 4.86 million Malaysian Ringgit (MYR), approximately 1.03 million USD.

MHO Secretary-General Datuk Hishamuddin led a group of representatives of the victims to submit a memorandum and 99 police reports to a representative from the Bukit Aman Commercial Crime Investigation Department.

In a subsequent press conference, Hishamuddin explained that Gigamax is an app-based platform using USDT cryptocurrency for investment transactions. The platform falsely claimed to offer a daily return of 1%, attracting a large number of investors.

Hishamuddin noted that many people invested their life savings, including their provident funds, pensions, and even lifelong savings, as their initial capital.

He also revealed that after Gigamax ceased operations, another app called Teramax was introduced, urging the victims to continue investing through the new platform.

Hishamuddin added that victims were required to spend USD 500 (MYR 2,356) to obtain a credit card to claim their earned rewards.

Hishamuddin expressed hope that the police would take this case seriously and suggested that they investigate under Sections 415 and 420 of the Penal Code to bring the perpetrators to justice.

He also urged other victims to come forward and report to the police to facilitate the investigation.

Earlier reports indicated that MHO claimed the Gigamax investment platform was promoted by agents starting in 2022. The platform was widely advertised and even had its own office. However, it stopped providing returns after a year, leading to over 200 complaints due to its aggressive promotion on social media.