Hundreds left broke after alleged Malaysian scammer vanishes with US$25 billion
A Penang-based scheme promised 5% fortnightly returns before disappearing with billions in global savings.
Over 300 foreign nationals have descended upon Malaysia seeking justice after an alleged massive online investment scam, known as 'High Inspirations,' collapsed, vanishing with an estimated $25 billion (100 billion ringgit) in victim funds. The scheme, believed to be run by a Penang-based Malaysian, operated for more than three years, convincing investors with displays of steady gains and smooth withdrawals. Promising returns of up to 5% every fortnight, it attracted mostly small-business owners and salaried employees from across Asia before the platform was abruptly shut down.
According to lawyer Andy Yeoh, the victims—largely from mainland China, Taiwan, South Korea, Thailand, and Vietnam—collectively lost over 8 billion ringgit in this specific case. The scam's sophisticated facade, showing consistent profits and allowing initial withdrawals to build trust, led many to reinvest their life savings. This incident highlights a severe cross-border financial fraud crisis, leaving hundreds of individuals bankrupt and underscoring the vulnerabilities in regulating international online investment platforms.
- The 'High Inspirations' scheme promised investors returns of 5% every two weeks before disappearing.
- Over 300 foreign victims, primarily from Asian nations, have traveled to Malaysia to pursue legal action.
- Total global losses from the scam are estimated at a staggering 100 billion ringgit (US$25 billion).
Why It Matters
This massive cross-border fraud exposes critical gaps in financial regulation and the devastating impact of sophisticated online investment scams.