TriumphFX second investment fraud warning from Indonesia
TriumphFX has received a second investment fraud warning from Indonesian authorities.
As per a May 21st announcement, the OJK noted;
During April 2022, the Investment Alert Task Force again found 7 entities that made investment offers without permits.
Two of those entities were found to be “conducting forex and robot trading activities without permission”.
This is the equivalent of a securities fraud warning in other jurisdictions.
While the OJK is Indonesia’s top financial regulator, it notes it’s “not a law enforcement officer so it cannot carry out legal processes.”
The handling of illegal investments is carried out jointly by all members of the Investment Alert Task Force from 12 Ministries/Institutions.
In addition to stopping and announcing to the public, the Investment Alert Task Force also blocks websites/websites/applications and submits information reports to the Criminal Investigation Unit of the Police.
TriumphFX was banned nationwide by Indonesia’s Commodity Futures Trading Regulatory Agency last year.
SimilarWeb currently ranks top sources of traffic to TriumphFX’s website as Malaysia 79%, the UK (7%) and Singapore (16%).
Singapore issues a TriumphFX securities fraud warning last August.
Despite being the center of TriumphFX promotion for years, to date Malaysian authorities have taken no action.
TriumphFX is run by scammers from Singapore, likely with additional ties Malaysia.