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Indonesian authorities have issued TriumphFX with a second investment fraud warning. According to a May 21st announcement, “the Investment Alert Task Force again found seven entities that made investment offers without permits during April 2022.”
Two of these entities were discovered to be “conducting illegal forex and robot trading activities.” TriumphFX operates a forex bot investment scheme with a passive return, so I believe they fall into this category:
In other jurisdictions, this is equivalent to a security fraud warning. Although the OJK is Indonesia’s top financial regulator, it states that it is “not a law enforcement officer and thus cannot carry out legal processes.”
All members of the Investment Alert Task Force from 12 ministries or institutions work together to combat illegal investments.
The Investment Alert Task Force, in addition to stopping and announcing to the public, blocks websites, websites, and applications and submits information reports to the Police Criminal Investigation Unit. Last year, Indonesia’s Commodity Futures Trading Regulatory Agency issued a nationwide ban on TriumphFX.
According to SimilarWeb, the top sources of traffic to TriumphFX’s website are Malaysia (79%), the United Kingdom (7%), and Singapore (16%).
Last August, Singapore issued a TriumphFX securities fraud warning. Malaysian authorities have taken no action despite being at the center of TriumphFX promotion for years.
TriumphFX is run by con artists from Singapore, most likely with ties to Malaysia.
